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250926.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, September 26, 2025, Vol. 29, No. 268 Headlines 163 MAIN STREET: Claims to be Paid from Property Sale Proceeds 177 HAMPSHIRE: Seeks to Hire Boston One Realty Group as Broker 18222 YORBA LINDA: Case Summary & 20 Largest Unsecured Creditors 245-249 8TH STREET: Case Summary & Seven Unsecured Creditors 3910 ENTERPRISES: Gets Interim OK to Use Cash Collateral 700 17TH STREET: Case Summary & 20 Largest Unsecured Creditors 700 17TH STREET: Seeks Chapter 11 Bankruptcy in Colorado 74 04 ROOSEVELT: Taps Law Office of Charles A. Higgs as Counsel 8501 FORT HAMILTON: Claims to be Paid from Property Sale/Refinance ADELAIDA CELLARS: Amends Several Unsecured Claims Pay Details AGDP HOLDING: Committee Seeks to Tap Morris James as Co-Counsel AGDP HOLDINGS: Committee Hires IslandDundon as Financial Advisor AGDP HOLDINGS: Panel Seeks to Hire Orrick Herrington as Counsel ALEON METALS: Texas Enviro Agency Fights Bankruptcy Permits Sale ALVIN'S COURIER: Gets Interim OK to Use Cash Collateral APOLLO CONSTRUCTION: Gets Interim OK to Use Cash Collateral ARCHDIOCESE OF NEW ORLEANS: Expects to End Chapter 11 in December AVENTIV TECHNOLOGIES: Prospect Marks $3.2MM 1L Loan at 29% Off AZUL SA: Plan Exclusivity Period Extended to Jan. 5 Next Year BALAJIO LLC: Gets Interim OK to Use Cash Collateral Until Nov. 4 BEAN BROTHERS: Gets Approval to Hire Essex Richards as Counsel BEAN BROTHERS: Gets OK to Hire Essex Richards as Legal Counsel BEAN BROTHERS: Gets OK to Tap Essex Richards as Bankruptcy Counsel BEYOND PULSE: Hires Michael D. O'Brien & Associates as Counsel BIRDSBORO POWER: S&P Assigns Prelim 'BB-' Rating on Term Loan B BLACKFIN PIPELINE: S&P Assigns 'B+' Rating on Senior Secured Debt BLH TOPCO: Shuts Down Arlington Location After Chapter 11 Filing BOOKS INC: Gets Court Approval for $3.25MM Sale to Barnes & Noble BOUNDLESS BROADBAND: Seeks to Extend Plan Exclusivity to Dec. 30 BOWERS TRUCKING: Hires Fellers Snider Blankenship as Legal Counsel BRAND INDUSTRIAL: BlackRock Debt Marks $3.2MM Loan at 83% Off BRIDGE TO ADULTHOOD: Case Summary & 13 Unsecured Creditors BURGESS POINT: Prospect Marks $2.9MM 1L Loan at 14% Off BYJU'S ALPHA: Files Amendment to Disclosure Statement CALDWELL HOLDINGS: Gets OK to Use Cash Collateral Until Oct. 9 CALIFORNIA RESOURCES: S&P Rates New $400MM Unsecured Notes 'BB-' CAPE FEAR: Section 341(a) Meeting of Creditors on October 28 CAR TOYS: Committee Hires Dundon Advisers as Financial Advisor CAROLINA'S CONTRACTING: Plan Exclusivity Period Extended to Nov. 24 CENTRAL PARENT: BlackRock Debt Marks $2.9MM Loan at 17% Off CHG US: Plan Exclusivity Period Extended to December 8 CLESMA INC: Seeks to Tap Lane Law Firm PLLC as Legal Counsel CLNG HOMES: Hires McClain Law Group as Legal Counsel CRANE ENTERPRISES: Taps Compass Greater NY as Real Estate Broker CUBIC CORP: BlackRock Debt Marks $3.01MM Loan at 48% Off CUBIC CORP: BlackRock Debt Marks $614,000 Loan at 48% Off CUSTOM CONCRETE: Seeks Approval to Tap W. E. Stevens as Accountant DAWN BIDCO: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable DERBY MOBILE: Voluntary Chapter 11 Case Summary DIGITAL ALLY: Closes $750K Convertible Note and Warrant Financing DIGITAL ALLY: Secures $25M Equity Financing With ELOC Investor DIOCESE OF ALBANY: Hartford Appeals Ruling on Bankruptcy Standing DIOCESE OF BUFFALO: Jones Day's Hiring in Ch. 11 Case Pushed Back DRAGONFLY PRIMARY: Final Cash Collateral Hearing Set for Sept. 29 DRAGONFLY PRIMARY: Hires Dentons Bingham Greenebaum as Counsel DW TRUMP: Unsecured Creditors to Get Nothing in Plan EARLY AMERICAN: Seeks to Tap Steidl and Steinberg as Legal Counsel EFS COGEN I: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable EKSO BIONICS: Obtains $2 Million Secured Financing From B. Riley ELETSON HOLDINGS: Revives Bid to DQ Reed Smith in Chapter 11 EP WEALTH: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable EVOLUTION ACADEMY: S&P Affirms 'B' Rating on 2010A Revenue Bonds EYECARE PARTNERS: BlackRock Debt Marks $471,000 Loan at 21% Off FCI SAND: Committee Seeks to Tap Porter Hedges as Legal Counsel FCI SAND: Committee Taps Dundon Advisers as Financial Advisor FELTRIM BALMORAL: Gets Extension to Access Cash Collateral FIVE RIVERS: Court OKs Stipulation to Use Cash Collateral FRANCHISE GROUP: Sues Buyers Over Former CEO's Improper Role GENESIS HEALTHCARE: Warns Legal Fees Endanger Bankruptcy Process GOODTEAM GROUP: Seeks Chapter 7 Bankruptcy in Nevada GULF STREAM: Case Summary & Three Unsecured Creditors HALL OF FAME: Buyer Parties Delay Merger Termination to Sept. 30 HALL OF FAME: Expands Credit Facility to $17M via Tenth Amendment HEART 2 HEART: Quality of Care Maintained, 3rd PCO Report Says HERTZ CORP: BlackRock Debt Marks $1.01MM Loan at 17% Off HERTZ CORP: BlackRock Debt Marks $199,000 Loan at 17% Off HERTZ CORP: S&P Rates New $250MM Exchangeable Notes 'CCC+' HORSEY DENISON: Hires RE/MAX Advantage Realty as Broker HOUSING NORTHWEST: S&P Affirms 'BB-' Rating on 2016A Bonds HRZN INC: Seeks to Hire Buechler Law Office as Bankruptcy Counsel HYPERSCALE DATA: Sets Oct. 10 Payment for Series D and E Dividends INGENOVIS HEALTH: BlackRock Debt Marks $539,000 Loan at 48% Off INSPIREMD INC: Danny Dearen Appointed Audit Committee Chair IOK TECHNOLOGY: Claims to be Paid from Continued Operation IPA ASSET: Hires Goldberg Weprin Finkel as Bankruptcy Counsel JAMANA LLC: Hires Real Estate Matrix as Real Estate Appraiser JB GROUP: Hires Campbell Business Solutions as Financial Advisor JB GROUP: Taps Stewart Robbins Brown & Altazan as General Counsel JC PENNEY: Lawyers Say Final Chapter 11 Payouts Approaching JSL COMPANIES: Section 341(a) Meeting of Creditors on October 27 KENNISON STRATEGIC: Taps Ean Miller of Keller Williams as Broker KESKIN INC: Seeks to Hire Coyle Law Group as Legal Counsel KYI ENTERPRISES: Taps Law Offices of David Freydin as Counsel LABRUZZO COMMERCIAL: Amends Unsecured Claim Pay Details LABRUZZO WOODLANDS: Updates Unsecureds & Secured Claims Pay Details LANDMARK HOLDINGS: No Patient Care Concern, 2nd PCO Report Says LAUREL CREEK: Seeks Court Approval to Tap Kirk Reimer as Appraiser LEFEVER MATTSON: Claims to be Paid from Plan Recovery Trust LIFESCAN GLOBAL: Committee Taps Pachulski Stang Ziehl as Counsel LIFOD HOME: No Patient Care Complaints, 9th PCO Report Says LOS ANGELES OZF: Hires Totaro & Shanahan as Insolvency Counsel LUMO LOGISTICS: Hires Latham Luna Eden & Beaudine as Counsel MACHIKO MANAGEMENT: Case Summary & Eight Unsecured Creditors MAGENTA SECURITY: BlackRock Debt Marks $397,000 Loan at 17% Off MAGENTA SECURITY: BlackRock Debt Marks $466,000 Loan at 54% Off MAGENTA SECURITY: BlackRock Debt Marks $962,000 Loan at 77% Off MAGLEV ENERGY: Gets Extension to Access Cash Collateral MAIN STREET AT TUTTLE: Seeks Chapter 11 Bankruptcy in Florida MAIN STREET: Case Summary & 20 Largest Unsecured Creditors MAITE LLC: Seeks to Hire O'Hagan Meyer as Special Counsel MARRA AIR: Court Denies Bid to Use Cash Collateral MAWSON INFRASTRUCTURE: Nasdaq Extends MVLS and Bid Price Deadlines MAWSON INFRASTRUCTURE: Provides Corporate Update on Operations MCMILLAN LOGGING: Seeks to Tap Bruner Wright as Bankruptcy Counsel MERIT STREET: Dr. Phil to Face Trial Tied to Firm's Bankruptcy MISSION POINT: Quality of Care Maintained, PCO Reports MODIVCARE INC: Creditors' Committee Opposes $100MM DIP Financing MONTE MARTIN: Section 341(a) Meeting of Creditors on November 3 MOUNTAIN VIEW: Court OKs Ardmore Mall Sale to United Texas Bank MUNAWAR LAW: Examiner Hires Lowenstein Sandler as Counsel NAKED JUICE: BlackRock Debt Marks $559,000 Loan at 54% Off NAKED JUICE: BlackRock Debt Marks $831,000 Loan at 21% Off NB MOUNTAIN: Trustee to Employ Tucker Arensberg PC as Counsel NBA PROPERTIES: Hires Keller Williams Realty as Real Estate Broker NIBA DESIGNS: Seeks Approval to Hire DMS Bookkeeping as Bookkeeper NUMERICAL CONCEPTS: U.S. Trustee Unable to Appoint Committee NV FREIGHT: Seeks to Tap Modestas Law Offices as Bankruptcy Counsel OMNICARE LLC: Gets OK to Tap $25MM Initial DIP, Gov't Clash Looms OSTEEN'S LOAD: Court Denies Bid to Use Cash Collateral PACKERS HOLDINGS: BlackRock Debt Marks $801,000 Loan at 46% Off PAI HOLDCO: BlackRock Debt Marks $740,000 Loan at 24% Off PAPER IMPEX: To Sell Volvo Equipment to One Click Auto for $13,000 PARAGON MOVING: Unsecureds Will Get 10% of Claims in Plan PERATON CORP: BlackRock Debt Marks $3.01MM Loan at 48% Off PERFECT VIEWS: Seeks Chapter 7 Bankruptcy in Florida PLAZA 106: Seeks to Hire Diaz & Larsen as Bankruptcy Counsel PRIVATE LENDER: Investor Contribution & Income to Fund Plan R.W. SIDLEY: Seeks to Hire Root Spitznas & Smiley as Accountant RELIABLE SECURITY: Unsecureds Will Get 4.72% of Claims in Plan RICHFIELD NURSING: Hires Capozzi Adler as Special Counsel RICHFIELD NURSING: Seeks to Hire Capozzi Adler as Special Counsel RIVERS ENTERPRISE: S&P Affirms 'B+' ICR, Outlook Stable RMKD LIQUORS: Claims to be Paid from Asset Sale Proceeds RMS CARRIERS: Court OKs Interim Use of Cash Collateral SALLY'S RESTAURANT: Seeks to Hire Gregory A. Flood as Counsel SERVICE PROPERTIES: S&P Rates $580MM Zero-Coupon Sec. Notes 'B+' SEXTANT STAYS: Seeks to Extend Plan Exclusivity to November 24 SIRVA WORLDWIDE: BlackRock Debt Marks $1.04MM Loan at 61% Off SOLENIS HOLDING: S&P Rates Subsidiary's Senior Secured Notes 'B-' SOUTHWESTERN MATTRESS: Closes Selma Location Amid Bankruptcy SPEEDHAUS 405: Seeks to Hire Blackwood Law Firm as Counsel SPRINGS WINDOWS: BlackRock Debt Marks $658,000 Loan at 24% Off STITCH ACQUISITION: BlackRock Debt Marks $205,000 Loan at 17% Off STRIKE LLC: Trust Reaches Deal w/ Jackson Walker Over Judge Romance SUMMIT HARD: Court Approves Use of Cash Collateral TEXAS LEADERSHIP: S&P Raises 2021A Revenue Bonds Rating to 'BB+' TLH-26 GILES: Case Summary & 20 Largest Unsecured Creditors TMK HAWK: BlackRock Debt Marks $1.9MM Loan at 60% Off TOGETHER GOOD: Gets Interim OK to Use Cash Collateral TPI COMPOSITES: Seeks to Sell Assets at Auction TPI COMPOSITES: Shifts to Sell Assets as Cash Dwindles TRI-BOROUGH HOME: No Patient Complaints, 1st PCO Report Says US MAGNESIUM: Hires Gellert Seitz Busenkell & Brown as Counsel US MAGNESIUM: Seeks to Hire SSG Advisors as Investment Banker US MAGNESIUM: Taps Carl Marks Advisory as Restructuring Advisor US MAGNESIUM: U.S. Trustee Appoints Creditors' Committee UTICA TOWNSHIP: Seeks to Tap Main Street Auto Sales as Auctioneer V & M DINER: Unsecureds Will Get 20% of Claims over 5 Years VALVES AND CONTROLS: Committee Taps Brown Rudnick as Co-Counsel VALVES AND CONTROLS: Committee Taps Caplin & Drysdale as Co-Counsel VALVES AND CONTROLS: Committee Taps FTI as Financial Advisor VAUGHN COLLEGE: S&P Affirms 'B+' Bond Rating, Outlook Stable VORTEX OPCO: BlackRock Debt Marks $572,000 Loan at 57% Off WAHL TO WAHL AUTO: Section 341(a) Meeting of Creditors on Oct. 20 WEATHERMASTER ROOFING: Taps Orville & McDonald as Legal Counsel WELLNESS PET: BlackRock Debt Marks $128,000 Loan at 45% Off WELLNESS PET: BlackRock Debt Marks $229,000 Loan at 16% Off WINDSTREAM SERVICES: S&P Rates New $900MM Senior Secured Notes 'B' WORLDWIDE MACHINERY: U.S. Trustee Appoints Creditors' Committee [^] BOOK REVIEW: The Heroic Enterprise ********* 163 MAIN STREET: Claims to be Paid from Property Sale Proceeds -------------------------------------------------------------- 163 Main Street, LLC, filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan of Liquidation dated September 17, 2025. The Debtor is a limited liability company formed under the laws of the State of New Jersey. Its three members are Steven Everett, Wayne (Chuck) Harding, and Daniel Glennon. Its sole asset (other than potential causes of action) is the ownership of commercial real property located at 163 Main Street, Peapack, New Jersey, 07997 (the "Property"). The Debtor purchased the Property on March 12, 2021 for the sum of $3,300,000.00. The Debtor was created to take title to the Property upon acquisition. Due to the Debtor receiving insufficient rental income to service mortgage obligations, on or about May 29, 2025, Suma Federal Credit Union f/k/a/ Suma (Yonkers) Federal Credit Union filed a complaint in commercial non-residential mortgage foreclosure in the Superior Court of New Jersey, Chancery Division, Somerset County, Docket No. F-005996-25. The bankruptcy filing stayed this action. To remedy the problems that led to the bankruptcy filing, the Debtor proposes to sell the Property, pursuant to the Plan, and seek to satisfy all allowed secured and administrative creditors in full, and make a distribution to unsecured creditors. Class 3 consists of General unsecured claims. Allowed Class 3 Claims will receive a pro rata distribution based upon the sale proceeds remaining following the payment of allowed Class 1 and 2 claims. Total amount of claims are estimated at approximately $3,896,326.53. The Plan will be funded by the proceeds of sale of the Property. The Debtor has engaged Blau to market the Property for sale and is in negotiations with a potential purchaser. There is significant equity in the Property which will result in funds available for distribution to unsecured creditors. A full-text copy of the Disclosure Statement dated September 17, 2025 is available at https://urlcurt.com/u?l=lhWVVF from PacerMonitor.com at no charge. Counsel to the Debtor: Ross J. Switkes, CPA Sherman, Silverstein, Kohl, Rose & Podolsky, P.A. 308 Harper Drive, #200 Moorestown, NJ 08057 Telephone: (856) 661-2075 Facsimile: (856) 661-2069 Emailrswitkes@shermansilverstein.com About 163 Main Street LLC 163 Main Street LLC is engaged in the business of leasing and managing real estate properties. The Company primarily focuses on renting out residential and nonresidential buildings and structures, including apartment complexes, office spaces, and other commercial properties. 163 Main Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16512) on June 20, 2025. In its petition, the Debtor reports total assets of $4,188,170 and total liabilities of $5,904,326. The Debtors are represented by Arthur J. Abramowitz, Esq. at SHERMAN SILVERSTEIN KOHL ROSE & PODOLSKY, P.A. 177 HAMPSHIRE: Seeks to Hire Boston One Realty Group as Broker -------------------------------------------------------------- 177 Hampshire Road, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Boston One Realty Group as broker. The Debtor needs a broker to sell its real property located at 33 Royalston Road, Wellesley, Massachusetts. The broker will receive a commission of 4.5 percent of the property's sale price. If a buyer's broker will be utilized, the commission will be evenly divided. Jorge Sariego, a real estate agent at Boston One Realty Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jorge Sariego Boston One Realty Group 2273 Dorchester Avenue Boston, MA 02124 Telephone: (617) 704-0921 Email: jorge@boston1realty.com About 177 Hampshire Road 177 Hampshire Road, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 25-40936) on Sep 03, 2025, listing up to $50,000 in estimated assets and up to $100,000 in estimated liabilities. The Law Offices of John F. Sommerstein serves as the Debtor's counsel. 18222 YORBA LINDA: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: 18222 Yorba Linda Owner, LLC 9560 Wilshire Blvd., Suite 430 Beverly Hills, CA 90212 Business Description: 18222 Yorba Linda Owner, LLC is a single- asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: September 23, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18421 Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: michael.berger@bankruptcypower.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Afshin Etebar as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FNCN35A/18222_Yorba_Linda_Owner_LLC__cacbke-25-18421__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AllenCo Vendor $491,551 2109 Gundry Ave Signal Hill, CA 90755-3517 2. Charter Communications Vendor $31,968 1774 Henry G. Lane Street Maryville, TN 37801 3. City of Yorbal Linda Fees $312,185 4845 Cas Loma Avenue Orba Linda, CA 92886 4. Dantuma Masonry, Inc. Vendor $163,383 7411 Walnut St. Buena Park, CA 90620 5. Dept of Toxic Charge $21,394 Substances Control 9211 Oakdale Ave Chatsworth, CA 91311 6. Earth Construction & Mining Vendor $97,991 11542 Knott #10 Garden Grove, CA 92841 7. Eisner, LLP Vendor $548,592 433 N. Camden Dr. 4th Fl Beverly Hills, CA 90210 8. Fishman Block & Vendor $91,400 Diamond, LLP 16830 Ventura Blvd., Ste. 400 Encino, CA 91436 9. Infrastructure Investment Consulting $335,000 Partners Services Attn: Scott A. Griffin 437 Madison Ave., 35th Fl. New York, NY 10022 10. John Labib Structural Consulting $33,099 Engineering Services 319 Main Street El Segundo, CA 90245 11. Kevin Tsai Architectural Architecture $23,280 1439 W. Jefferson Blvd. Los Angeles, CA 90070 12. Leighton Consulting, Inc. Vendor $20,768 PO Box 51106 Newark, NJ 07101 13. Lotzar Law Firm Legal Fees $64,617 8687 E. Via Ventura Ste. 115 Scottsdale, AZ 85258 14. Orrick, Herrington & Legal Fees $81,116 Sutcliffe LockBox 774619 4619 Solutions Center Chicago, IL 60677-4006 15. Pennington Construction Consulting/ $158,671 Advisors Advising c/o Todd Pennington Services 79 Bell Pasture Rd Ladera Ranch, CA 92694 16. Reliable Equipment Vendor $21,060 Rental, Inc. 8331 Commonwealth Ave Buena Park, CA 90621 17. TAD Consulting Inc. Vendor $118,000 1401 N. Batavia St. Ste. 103 Orange, CA 92867 18. TBU, Inc. Vendor $143,723 244 Maple Ave Ste. T Beaumont, CA 92223 19. Willis Towers Vendor $31,812 Watson Svcs West 2010 Main Street Ste. 150 Irvine, CA 92614 20. Zamborelli Enterprises, Inc. Vendor $31,237 640 S. Coast Hwy $3A Laguna Beach, CA 92651 245-249 8TH STREET: Case Summary & Seven Unsecured Creditors ------------------------------------------------------------ Debtor: 245-249 8th Street NE REI LLC 8300 Greensboro Drive, Suite L1-684 McLean, VA 22102 Business Description: 245-249 8th Street NE REI LLC, categorized as a single-asset real estate entity under U.S. law, owns the property at 245-249 8th Street NE in Washington, D.C. Chapter 11 Petition Date: September 17, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00422 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Kristen E. Burgers, Esq. HIRSCHLER FLEISCHER PC 1676 International Drive Suite 1350 Tysons, VA 22102 Tel: 703-584-8364 E-mail: kburgers@hirschlerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ehsan Naranji as member and authorized representative. A copy of the Debtor's list of seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S3H7BDY/245-249_8th_Street_NE_REI_LLC__dcbke-25-00422__0001.2.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SQZA3NY/245-249_8th_Street_NE_REI_LLC__dcbke-25-00422__0001.0.pdf?mcid=tGE4TAMA 3910 ENTERPRISES: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- 3910 Enterprises, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, to use cash collateral. The court order authorized the Debtor to use cash collateral to pay operating expenses in line with its budget. Unused funds may roll over into future weeks. The Debtor may vary from the budget weekly by up to 15% for items forecasted at $2,000 or less, and up to 10% for items forecasted over $2,000. The order authorized the Debtor to reserve funds for the 2025 property taxes on its property located in Galveston, Texas. As of the petition date, the Debtor's cash collateral included monies in the bank of approximately $6,252.28 and rent receivables of approximately $27,150 per month. The Debtor believes that even with the mortgages on certain properties, each lender is oversecured. The Debtor estimates the total value of all of its properties to be approximately $5,000,000 and the total liabilities on the Debtor's properties to be approximately $3,400,000. Therefore, the Debtor believes that any creditor asserting a lien on cash is protected by the Debtor's equity as well as the continued operation of its business. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/WGVUX from PacerMonitor.com. About 3910 Enterprises Inc. 3910 Enterprises, Inc. manages real estate on behalf of clients and provides property appraisal services. 3910 Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-80362) on August 5, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Genevieve M. Graham, Esq., at Genevieve Graham Law, PLLC, doing business as Graham, PLLC. 700 17TH STREET: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: 700 17th Street, LLC 700 17th Street, #LL150 Denver, CO 80202 Business Description: 700 17th Street, LLC, identified as a single-asset real estate company under U.S. bankruptcy law, holds ownership of the property located at 700 17th Street in Denver, Colorado, 80202. Chapter 11 Petition Date: September 24, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-16173 Judge: Hon. Kimberley H Tyson Debtor's Counsel: Jeffrey A. Weinman, Esq. ALLEN VOLLONE WOLF HELFRICH & FACTOR, P.C. 1600 Stout Street 1900 Denver, CO 80202 Tel: 303-534-4499 E-mail: jweinman@allen-vellone.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million Kenneth Grant signed the petition on behalf of Toma West, LLC, which manages the Debtor. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DO72ILQ/700_17th_Street_LLC__cobke-25-16173__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DBGBKSI/700_17th_Street_LLC__cobke-25-16173__0001.0.pdf?mcid=tGE4TAMA 700 17TH STREET: Seeks Chapter 11 Bankruptcy in Colorado -------------------------------------------------------- On September 24, 2025, 700 17th Street LLC, a Denver single-asset real estate company, sought Chapter 11 protection in the Colorado bankruptcy court. The petition shows $10 million–$50 million in debt, and potential recovery for unsecured creditors. About 700 17th Street LLC 700 17th Street LLC is a single asset real estate company. 700 17th Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case. No. 25- 16173) on September 24, 2025. In its petition, the Debtor reports estimated estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Jeffrey Weinman, Esq. of Allen Vellone Wolf Helfrich & Factor P.C. 74 04 ROOSEVELT: Taps Law Office of Charles A. Higgs as Counsel --------------------------------------------------------------- 74 04 Roosevelt Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Charles A. Higgs of the Law Office of Charles A. Higgs to serve as bankruptcy counsel in its Chapter 11 case. The firm will provide these services: (a) assist in the administration of this Chapter 11 proceeding; (b) set bar date; (c) prepare or review operating reports; (d) assist in drafting a plan of reorganization and all exhibits and schedules thereto, and confirming a Chapter 11 plan; (e) review claims and resolve claims that should be disallowed; and (f) perform all other services necessary to confirm a plan in bankruptcy or defend the bankruptcy. The Higgs Firm received $7,500 plus the filing fee as a retainer, with unused portions to be applied against the first fee application. The firm will bill the Debtor at hourly rates of $450 for attorneys and $200 for paraprofessionals. The Law Office of Charles A. Higgs is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Charles A. Higgs, Esq. LAW OFFICE OF CHARLES A. HIGGS 2 Depot Plaza, Ste. 4 Bedford Hills, NY 10507 Telephone: (917) 673-3768 E-mail: charles@freshstartesq.com About 74 04 Roosevelt Corp. 74 04 Roosevelt Corp. is the owner of a two-level multi-purpose structure located at 74-04 Roosevelt Ave, Woodside, NY 11377, with an estimated worth of $1.4 million. 74 04 Roosevelt Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41224) on March 13, 2025. In its petition, the Debtor reports total assets of $1,403,000 and total liabilities of $2,631,450. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by: Charles Higgs, Esq. THE LAW OFFICE OF CHARLES A. HIGGS 2 Depot Plaza First Floor, Office 4 Bedford Hills, NY 10507 Tel: (917) 673-3768 E-mail: charles@freshstartesq.com 8501 FORT HAMILTON: Claims to be Paid from Property Sale/Refinance ------------------------------------------------------------------ 8501 Fort Hamilton Parkway Ltd., filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement in support of Liquidating Plan of Reorganization dated September 16, 2025. The Debtor is proceeding on dual tracks. In the first instance, the Debtor is moving forward with a sale of its residential apartment building located at 8501 Fort Hamilton Parkway, Brooklyn, NY (the "Property") to the highest bidder at a recently completed auction sale. The sale remains subject to the Lender's consent, and the opportunity for the Debtor to refinance the agreed secured prior to a closing on the sale with the high bidder, likewise subject to Flagstar's consent. In the interim, the Debtor has filed the Plan to present the dual treatments and ultimately obtain the approval of the secured lender, Flagstar Bank as successor by merger to New York Community Bank. In the event the Debtor's principal, Muhamet Nikezi, is able to timely refinance the debt with Flagstar, he would be required to pay Flagstar the same or more than Flagstar stands to receive on a "net" basis by virtue of a sale of the Property in bankruptcy to the high bidder. Under a sale scenario, Flagstar would be required to contribute, by way of a carve-out from sale proceeds and accrued rent, the funds necessary to pay (i) open real estate taxes, associated water charges, and violations; (ii) administrative expenses as capped pursuant to stipulation; and (iii) a reserve of $10,000 for unsecured creditors (defined as the "Contribution" for purposes of the Plan). Under the alterative refinancing scenario, Mr. Nikezi would remain responsible to pay the same amounts comprising the Contribution. Class 3 consists of the Allowed General Unsecured Claims. All Allowed Class 3 General Unsecured Claims shall share in a pro rata distribution from Creditor Reserve as established with the Disbursing Agent at the Closing on a sale or refinancing from the Contribution. Class 3 is impaired and entitled to vote on the Plan. Class 4 consists of the Equity Interests in the Debtor held by Muhamet Nikezi. No payments shall be made on account of the equity interests of Mr. Nikezi in the Debtor in the event of a sale, although the equity shall not be canceled. In the event of a refinancing, the equity interests of Mr. Nikezi shall continue to be held by him, and Mr. Nikezi shall remain the sole member of the Reorganized Debtor. The Plan shall be implemented and funded through the sale or the refinancing of the Property. In the event of a refinancing, Mr. Nikezi shall use the net proceeds to pay-off Flagstar in an agreed sum, plus Mr. Nikezi will also be responsible to pay to the Disbursing Agent the Contribution. As part of any refinancing, Flagstar shall deliver an executed satisfaction of its mortgage in form acceptable to the title company without release of the guarantor. A full-text copy of the Disclosure Statement dated September 16, 2025 is available at https://urlcurt.com/u?l=wahKbe from PacerMonitor.com at no charge. Counsel to the Debtor: J. Ted Donovan, Esq. Kevin Nash, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Ave., 12th Floor New York, NY 10017 Telephone: (212) 221-5700 About Fort Hamilton Parkway Ltd. Fort Hamilton Parkway Ltd. is the owner of certain residential property acquired in 1995 located at 8501 Fort Hamilton Parkway, Brooklyn, NY. The Property is improved by a four-story residential apartment building with 19 rooms per floor. 8501 Fort Hamilton Parkway Ltd. sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 24-44150) on Oct. 4, 2024. The Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLSTEIN LLP. ADELAIDA CELLARS: Amends Several Unsecured Claims Pay Details ------------------------------------------------------------- Adelaida Cellars, Inc., submitted a First Amended Disclosure Statement describing First Amended Chapter 11 Plan of Liquidation dated September 17, 2025. The Plan is a liquidating plan under which the Debtor will continue its operations pending a sale of its assets as a going concern and will use the net proceeds from the sale, as well as a new value contribution from its equity holder, to fund payments to creditors under the Plan. The judgment creditor holding the largest claim against the Debtor will have its distributions held in trust pending the outcome of the appeal of the judgment. Distributions on account of Disputed Claims will be reserved and no Distributions will be made to Holders of any Disputed Claims unless and until they become Allowed Claims. The Plan is a liquidation plan under which the Debtor will sell the Property as a going concern at the same time that KMBG sells the KMBG Property. Distributions to the Holders of Allowed Claims will be made by the Reorganized Debtor. No Distributions will be made to the Holders of any Disputed Claims unless and until they become Allowed Claims. Class 4b consists of the General Unsecured Claims other than the Claim of the Judgment Creditor and the Claims in Class 4c. The allowed unsecured claims total $3,358,085.60, including the Class 1 Claim of First State Trust Company of Delaware, as Trustee of the Kedrin E. Van Steenwyk Issue Trust dated August 8, 1996, as decanted September 28, 2018, if the Lien is avoided. Commencing at the end of the first full calendar quarter after the Effective Date and continuing quarterly thereafter pending the sale of the Property, the holders of Allowed Class 4b Claims will receive pro rata distributions of Excess Cash, if any. In addition, within thirty days after the sale of the Property and receipt of the New Value Contribution, and in full satisfaction, settlement, release, discharge, and extinguishment of their Claims, the holders of Allowed Class 4b Claims shall receive their pro rata share of the Net Sale Proceeds and the New Value Contribution based on the amount of the Allowed Claim. Class 4c consists of Convenience Class of General Unsecured Claims of $1,800 or less that do not opt out of Class 4c. On the Effective Date, the Debtor will make a cash payment equal to 90% of the Allowed Class 4c General Unsecured Claims in full and complete payment, satisfaction, settlement, release, discharge and extinguishment of the Claims in this Class. Holders of Allowed Class 4c General Unsecured Claims shall not be entitled to any further distributions under the Plan. The allowed unsecured claims total $19,558. Class 5 consists of Equity interest held by KMBG, LLC. Interest Holders will retain their interest in the Reorganized Debtor. On the Effective Date, KMBG will become obligated to make the New Value Contribution. The KMBG Property will be listed for sale at the same time as the Property. The Plan will be funded by a combination of cash on hand as of the Effective Date, Excess Cash from the operation of the winery pending the sale of the Property, the Net Sale Proceeds, and the New Value Contribution. To the extent that they are not listed for sale prior to the Effective Date, within ten business days after the Effective Date, the Reorganized Debtor and KMBG will list the Property and KMBG Property for sale. Pending the sale of the Property and receipt of the New Value Contribution, payments under the Plan will be funded from Cash on Hand and the Reorganized Debtor's operations. As reflected in the Projections, Distributions to the Holders of Administrative Claims, Professional Fee Claims, Priority Tax Claims, and the Class 4c Convenience Class will be paid by the Reorganized Debtor from its Cash on Hand on the Effective Date. The Holders of Allowed Class 4a and 4b Claims will receive quarterly payments of Excess Cash, if any, pending the sale of the Property and the receipt of the New Value Contribution, at which time they will be Paid in Full in accordance with the Plan. A full-text copy of the First Amended Disclosure Statement dated September 17, 2025 is available at https://urlcurt.com/u?l=rbiXOq from PacerMonitor.com at no charge. Adelaida Cellars, Inc. is represented by: Hamid R. Rafatjoo, Esq. RAINES FELDMAN LITTRELL LLP 1900 Avenue of the Stars, 19th Floor Los Angeles, CA 90067 Telephone: (310) 440-4100 Facsimile: (310) 691-1367 About Adelaida Cellars Adelaida Cellars, Inc. is a family-owned and operated winery in Paso Robles, Calif. Adelaida Cellars sought Chapter 11 petition (Bankr. C.D. Calif. Case No. 24-11409) on December 13, 2024, with $10 million to $50 million in both assets and liabilities. Nicholas D. Rubin, chief restructuring officer of Adelaida Cellars, signed the petition. Judge Ronald A Clifford, III oversees the case. The Debtor is represented by Hamid R. Rafatjoo, Esq., at Raines Feldman Littrell, LLP. AGDP HOLDING: Committee Seeks to Tap Morris James as Co-Counsel --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of AGDP Holding, Inc. and its affilaites seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Morris James LLP as co-counsel. The firm will render these services: (a) provide legal advice and assistance to the committee in its consultations with the Debtors relative to their administration of their reorganization; (b) review and analyze all applications, motions, orders, statements of operations and schedules filed with the court by the Debtors or third parties, advise the committee as to their propriety, and, after consultation with the committee, take appropriate action; (c) prepare necessary legal papers on behalf of the committee; (d) represent the committee at hearings held before the court and communicate with it regarding the issues raised, as well as the decisions of the court; and (e) perform other legal services for the committee which may be reasonably required in this proceeding. The firm will be paid at these hourly rates: Eric Monzo, Partner $905 Brya Keilson, Partner $850 Jason Levin, Associate $525 Siena Cerra, Associate $425 Stephanie Lisko, Paralegal $385 Douglas Depta, Paralegal $385 Jessica O'Connor, Paralegal $385 In addition, the firm will seek reimbursement for expenses incurred. Mr. Monzo disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric J. Monzo, Esq. 3205 Avenue North Blvd., Suite 100 Wilmington, DE 19803 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 Email: emonzo@morrisjames.com About AGDP Holding Inc. AGDP Holding Inc. and its affiliates operate a multi-space entertainment venue complex in North America, hosting large-scale live events such as concerts, festivals, corporate functions, and multimedia shows. The Debtors are known for their advanced audiovisual production capabilities, including a 2022 upgrade featuring one of the world's highest-resolution video walls. AGDP Holding Inc. and its affiliates sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11446) on August 4, 2025. The case is jointly administered in Case No. 25-11446. In the petitions signed by Gary Richards, chief executive officer, AGDP Holding disclosed up to $100 million in estimated assets and up to $500 million in estimated liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Triple P TRS, LLC as financial advisor; and Triple P Securities, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. On August 18, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Orrick, Herrington & Sutcliffe LLP and Morris James LLP as counsel and IslandDundon LLC as financial advisor. AGDP HOLDINGS: Committee Hires IslandDundon as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of AGDP Holding, Inc. and its affilaites seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ IslandDundon LLC as financial advisor. The firm's services include: (a) assist in the analysis, review, and monitoring of the restructuring process; (b) develop a complete understanding of the Debtors' businesses and their valuations; (c) determine whether there are viable alternative paths for the disposition of the Debtors' assets from those currently or in the future proposed by any; (d) monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions that would support unsecured creditor recovery; (e) assist the committee in identifying, valuing, and pursuing estate causes of action; (f) assist the committee to analyze, classify and address claims against the Debtors and to estimate (in any formal or informal sense) the different claims pools; (g) assist the committee to identify, preserve, value, and monetize tax assets of the Debtors, if any; (h) advise the committee in negotiations with the Debtors, certain of their lenders, and third parties; (i) assist the committee in reviewing the Debtors' financial reports; (j) assist the committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; (k) review and provide analysis of debtor-in-possession financing, actual-budget variances, and liquidity; (l) assist the committee in evaluating and analyzing avoidance actions; (m) evaluate the Debtors' leases and past, present, and future infrastructure; (n) review and provide analysis of any proposed disclosure statement and Chapter 11 plan and, if appropriate, assist the committee in developing an alternative Chapter 11 plan; (o) attend meetings and assist in discussions with the committee, the Debtors, the secured lenders, the U.S. Trustee and other parties-in-interest and professionals; (p) present at meetings of the committee, as well as meetings with other key stakeholders and parties; (q) provide testimony on behalf of the committee as and when may be deemed appropriate; and (r) perform other advisory services for the committee as may be necessary or proper in these proceedings. The firm will be paid at these hourly rates: Principal $1,090 Managing Director $960 Senior Director $850 Director $755 Associate Director $650 Senior Associate $495 Associate $350 Peter Hurwitz, a principal at IslandDundon, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Hurwitz IslandDundon LLC 10 Bank Street, Suite 1100 White Plains, NY 10601 About AGDP Holding Inc. AGDP Holding Inc. and its affiliates operate a multi-space entertainment venue complex in North America, hosting large-scale live events such as concerts, festivals, corporate functions, and multimedia shows. The Debtors are known for their advanced audiovisual production capabilities, including a 2022 upgrade featuring one of the world's highest-resolution video walls. AGDP Holding Inc. and its affiliates sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11446) on August 4, 2025. The case is jointly administered in Case No. 25-11446. In the petitions signed by Gary Richards, chief executive officer, AGDP Holding disclosed up to $100 million in estimated assets and up to $500 million in estimated liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Triple P TRS, LLC as financial advisor; and Triple P Securities, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. On August 18, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Orrick, Herrington & Sutcliffe LLP and Morris James LLP as counsel and IslandDundon LLC as financial advisor. AGDP HOLDINGS: Panel Seeks to Hire Orrick Herrington as Counsel --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of AGDP Holding, Inc. and its affilaites seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Orrick, Herrington & Sutcliffe LLP as counsel. The firm's services include: (a) advise the committee with respect to its rights, powers and duties in these cases; (b) assist, advise, and represent the committee in analyzing the Debtors' assets and liabilities; (c) assist and advise the committee with regarding to any proposed sale(s) or disposition(s) of the Debtors' assets; (d) attend meetings and negotiate with the representatives of the Debtors; (e) assist and advise the committee in its examination and analysis of the conduct of the Debtors' affairs; (f) investigate and determine the value of unencumbered assets; (g) analyze and negotiate the budget and monitor the Debtors' financial performance in Chapter 11; (h) assist and advise the committee with respect to its communications with the general unsecured creditor body regarding significant matters in these cases; (i) review and and analyze the work product of the Debtors' management and advisors and report to the Committee; (j) provide the committee with legal advice in relation to the Chapter 11 cases; (k) take all necessary action to protect and preserve the interests of unsecured creditors; (l) prepare and file on behalf of the committee all necessary legal papers in support of positions taken by the committee; (m) appear, as appropriate, before this court, the appellate courts, and other courts in which matters may be heard and to protect the interests of the committee before said courts and the U.S. Trustee; (n) review and analyze discovery documents provided by the Debtors and other parties in interest in connection with the committee's investigations; (o) perform such other legal services in these cases as may be required and are deemed to be in the interests of the committee and unsecured creditors in accordance with its powers and duties as set forth in the Bankruptcy Code; and (p) advise and assist with respect to other matters as the committee may request from time to time, in each case without duplication of the services of its Delaware counsel, Morris James LLP, or any other committee professional. The firm's hourly rates are as follows: Nicholas Poli, Partner $1,341 Mark Franke, Of Counsel $1,314 Brandon Batzel, Senior Associate $1,278 Ari Roytenberg, Senior Associate $1,278 Michael Trentin, Senior Associate $1,224 Nick Sabatino, Senior Associate $1,201 Jenna MacDonald Busche, Managing Associate $1,116 Daniel Carnie, Associate $873 Andrew Nisco, Law Clerk $796 Paraprofessionals $243 - $544 In addition, the firm will seek reimbursement for expenses incurred. Mr. Franke disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark Franke, Esq. Orrick, Herrington & Sutcliffe LLP 51 West 52nd Street New York, NY 10019 Telephone: (212) 506-5000 Facsimile: (212) 506-5151 Email: mfranke@orrick.com About AGDP Holding Inc. AGDP Holding Inc. and its affiliates operate a multi-space entertainment venue complex in North America, hosting large-scale live events such as concerts, festivals, corporate functions, and multimedia shows. The Debtors are known for their advanced audiovisual production capabilities, including a 2022 upgrade featuring one of the world's highest-resolution video walls. AGDP Holding Inc. and its affiliates sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11446) on August 4, 2025. The case is jointly administered in Case No. 25-11446. In the petitions signed by Gary Richards, chief executive officer, AGDP Holding disclosed up to $100 million in estimated assets and up to $500 million in estimated liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Triple P TRS, LLC as financial advisor; and Triple P Securities, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. On August 18, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Orrick, Herrington & Sutcliffe LLP and Morris James LLP as counsel and IslandDundon LLC as financial advisor. ALEON METALS: Texas Enviro Agency Fights Bankruptcy Permits Sale ---------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a Texas environmental regulator urged the bankruptcy court to block Aleon Metals' proposed asset sale, arguing the company is attempting to transfer environmental permits that cannot legally be sold while avoiding related liabilities. About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. ALVIN'S COURIER: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Alvin's Courier Service, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Alabama to use cash collateral pending the final hearing on September 30. The interim order authorized the Debtor to use cash collateral, which consists of cash, deposits, receivables, and the proceeds thereof, to pay operating expenses. Secured creditors will be provided with adequate protection through replacement liens for any diminution in value of their liens. The interim order authorized the Debtor to escrow funds for the Subchapter V trustee's fees. About Alvin's Courier Service Inc. Alvin's Courier Service Inc. is a transportation company providing courier and delivery services in the Montgomery, Alabama area. Alvin's Courier Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-31975) on August 21, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Christopher L. Hawkins oversees the case. Anthony B. Bush, Esq., at the Bush Law Firm, LLC, represents the Debtor as bankruptcy counsel. APOLLO CONSTRUCTION: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered an interim order granting Apollo Construction & Engineering Services, Inc. approval to use cash collateral pending a further hearing on October 9. The interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget; and additional amounts expressly approved in writing by secured creditor Thomas Kamprath. As adequate protection, the Debtor was required to make monthly payments of $9,000 to Mr. Kamprath, starting this month. Secured creditors were granted a post-petition lien on cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. The Debtor must also maintain insurance, comply with U.S. Trustee guidelines, and provide weekly reports, including accounts receivable aging, budget variances, and cash flow statements. The order remains effective through October 9, unless the Debtor's Chapter 11 case is converted or dismissed; a trustee is appointed; a bankruptcy plan is confirmed; or the Debtor's authority to use cash collateral is terminated. The next hearing is scheduled for October 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ofIuE from PacerMonitor.com. About Apollo Construction & Engineering Apollo Construction & Engineering Services, Inc. provides full-service general contracting and construction services across Florida, specializing in commercial, industrial, and government projects. Operating since 1987, the Company delivers direct project accountability, seamless coordination, and union-certified workforce solutions to support construction of commercial properties, public infrastructure, healthcare facilities, schools, and transportation hubs. It holds active state licenses in mechanical engineering, plumbing and piping, concrete and structural work, fire protection, and general contracting, offering end-to-end solutions from planning to build-out. Apollo filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06058) on August 25, 2025, with $1,135,031 in assets and $1,931,003 in liabilities. Ahmed Zahran, vice president of Apollo, signed the petition. Judge Catherine Peek McEwen presides over the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as legal counsel. ARCHDIOCESE OF NEW ORLEANS: Expects to End Chapter 11 in December ----------------------------------------------------------------- Erin Lowrey of WDSU6 News reports that the Archdiocese of New Orleans' long-running bankruptcy could conclude by the end of 2025, Archbishop Gregory Aymond said while introducing his successor, Archbishop-designate James Checchio. Aymond expects the Chapter 11 case to wrap up in December, following years of negotiations with clergy abuse survivors, according to the report. A settlement plan currently being voted on by roughly 660 survivors proposes $130 million in cash from the archdiocese and affiliates, a $20 million promissory note tied to the sale of senior housing facilities, about $30 million from insurers, and potential future recoveries exceeding $40 million. It also includes the right to pursue further claims against non-settling insurer Travelers. The vote closes October 29, 2025 with results expected by mid-November 2025, according to WDSU6 News. If approved by two-thirds of survivors, payments could begin in 2026. The plan also requires the archdiocese to adopt binding child protection measures, including outside oversight, a Survivors Bill of Rights, and public release of previously secret abuse records. Survivors' attorneys, however, sharply criticized Checchio's initial remarks on abuse, calling them dismissive and uninformed, the report states. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. AVENTIV TECHNOLOGIES: Prospect Marks $3.2MM 1L Loan at 29% Off -------------------------------------------------------------- Prospect Floating Rate and Alternative Income Fund, Inc. has marked its $3,202,711 loan extended to Aventiv Technologies, LLC to market at $2,287,376 or 71% of the outstanding amount, according to Prospect's Form 10-K for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Prospect is a participant in a Third Out Super Priority First Lien Term Loan to Aventiv Technologies, LLC. The loan accrues interest at a rate of 9.65% per annum. The loan matures on March 31, 2026. Prospect was formed as a Maryland corporation on April 29, 2011. The company is an externally managed, closed-end, non-diversified management investment firm that has elected to be regulated as a business development company, under the Investment Company Act of 1940. It has elected to be taxed for U.S. federal income tax purposes, and intend to qualify annually as a regulated investment company, under Subchapter M of the Internal Revenue Code of 1986. The company's adviser manages its portfolio and makes all investment decisions for the company, subject to supervision by its Board of Directors. Prospect is led by M. Grier Eliasek as Chief Executive Officer and Director, Kristin L. Van Dask as Chief Financial Officer, and Andrew C. Cooper as Director. The Fund can be reach through: M. Grier Eliasek Prospect Floating Rate and Alternative Income Fund, Inc. 10 East 40th Street, 42nd Floor New York, NY 10016 Telephone: (212) 448-0702 About Aventiv Technologies, LLC Aventiv Technologies is a diversified technology company that provides innovative solutions to customers in the corrections and government services sectors. AZUL SA: Plan Exclusivity Period Extended to Jan. 5 Next Year ------------------------------------------------------------- Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York extended Azul S.A. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 5, 2026 and March 4, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they are Brazil's largest airline in terms of departures and cities served, offering passengers a full service experience to approximately 137 destinations in Brazil as of the Petition Date, as well as select international destinations, including in the United States, Portugal, France, Spain, Argentina, Uruguay, Paraguay, and Curaçao. Given the magnitude of the Chapter 11 Cases, the Debtors respectfully submit that the extensions requested herein are appropriate. The Debtors claim that they continue to make timely payments on account of their undisputed postpetition obligations as they come due and, as applicable, in accordance with the terms of the relevant settlements negotiated during the pendency of the Chapter 11 Cases. As such, this factor also weighs in favor of allowing the Debtors to extend the Exclusive Periods. The Debtors expect to be in a position to file a chapter 11 plan in short order. Having entered chapter 11 with RSAs with the Secured Ad Hoc Group, AerCap, and the Strategic Partners, the Debtors continue to diligently negotiate with parties in interest and are making progress with various constituencies toward reaching agreements that will further aid their reorganization efforts. Counsel to the Debtors: DAVIS POLK & WARDWELL LLP Marshall S. Huebner, Esq. Timothy Graulich, Esq. Joshua Y. Sturm, Esq. Jarret Erickson, Esq. Richard J. Steinberg, Esq. 450 Lexington Avenue New York, New York 10017 Telephone: (212) 450-4000 About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. BALAJIO LLC: Gets Interim OK to Use Cash Collateral Until Nov. 4 ---------------------------------------------------------------- Balajio, LLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral through November 4. The third interim order signed by Judge Tiffany Geyer authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by the U.S. Small Business Administration. The Debtor's budget projects total operational expenses of $82,296.76 for September and $87,946 for the period from October 1 to November 4. As adequate protection for the Debtors' use of their cash collateral, secured creditors will be granted replacement liens on all assets acquired by the Debtor after its Chapter 11 filing that are similar to their pre-bankruptcy collateral. The replacement liens will have the same validity and priority as the secured creditors' pre-bankruptcy liens. As additional protection to secured creditors, the Debtor was ordered to keep its property insured in accordance with their loan and security agreements. The next hearing is scheduled for November 4. As of the petition date, the Debtor had $21,152.58 in its operating account, which, along with future room revenues, is considered cash collateral. The SBA may hold a first-priority security interest in the Debtor's cash and cash equivalents, secured by a $2 million loan evidenced by a UCC-1 financing statement. About Balajio LLC Balajio, LLC operates a hotel in Daytona Beach, Florida. Balajio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03556) on June 10, 2025, listing up to $10 million in both assets and liabilities. Sameer M. Patel, managing member of Balajio, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP, represents the Debtor as legal counsel. BEAN BROTHERS: Gets Approval to Hire Essex Richards as Counsel -------------------------------------------------------------- Bean Brothers Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Essex Richards, PA as counsel. The firm will render these services: (a) provide legal advice concerning the responsibilities as a Chapter 11 Debtor and the continued management of its business; (b) negotiate, prepare, and pursue confirmation of a Chapter 11 plan and approval of disclosure statement, and all related reorganization agreements and/or documents; (c) prepare all necessary motions, applications, reports, orders, objections and the like associated with prosecuting the Chapter 11 case; (d) prepare and appear in Bankruptcy Court to protect the Debtor's best interests; (e) perform all other legal services for the Debtor which may become necessary in this Chapter 11 case; and (f) prosecute and defend the Debtor in all adversary proceedings related to the base case. The firm will be paid at these hourly rates: John Woodman, Attorney $400 Paralegal $200 Staff $65 In addition, the firm will seek reimbursement for expenses incurred. Mr. Woodman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John C. Woodman, Esq. Essex Richards, PA 1701 South Blvd. Charlotte, NC 28203 Telephone: (704) 377-4300 About Bean Brothers Real Estate Bean Brothers Real Estate, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40203) on September 4, 2025, listing up to $10 million in both assets and liabilities. Judge Ashley Austin Edwards handles the case. John C. Woodman, Esq., at Essex Richards, PA serves as the Debtor's counsel. BEAN BROTHERS: Gets OK to Hire Essex Richards as Legal Counsel -------------------------------------------------------------- Bean Brothers Landscaping, LLC received approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Essex Richards, PA as counsel. The firm will render these services: (a) provide legal advice concerning the responsibilities as a Chapter 11 Debtor and the continued management of its business; (b) negotiate, prepare, and pursue confirmation of a Chapter 11 plan and approval of disclosure statement, and all related reorganization agreements and/or documents; (c) prepare all necessary motions, applications, reports, orders, objections and the like associated with prosecuting the Chapter 11 case; (d) prepare and appear in Bankruptcy Court to protect the Debtor's best interests; (e) perform all other legal services for the Debtor which may become necessary in this Chapter 11 case; and (f) prosecute and defend the Debtor in all adversary proceedings related to the base case. The firm will be paid at these hourly rates: John Woodman, Attorney $400 Paralegal $200 Staff $65 In addition, the firm will seek reimbursement for expenses incurred. Mr. Woodman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John C. Woodman, Esq. Essex Richards, PA 1701 South Blvd. Charlotte, NC 28203 Telephone: (704) 377-4300 About Bean Brothers Landscaping Bean Brothers Landscaping, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40201) on September 4, 2025, listing up to $500,000 in both assets and liabilities. Judge Ashley Austin Edwards handles the case. John C. Woodman, Esq., at Essex Richards, PA serves as the Debtor's counsel. BEAN BROTHERS: Gets OK to Tap Essex Richards as Bankruptcy Counsel ------------------------------------------------------------------ Bean Brothers Hardware & Supply, LLC received approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Essex Richards, PA as counsel. The firm will render these services: (a) provide legal advice concerning the responsibilities as a Chapter 11 Debtor and the continued management of its business; (b) negotiate, prepare, and pursue confirmation of a Chapter 11 plan and approval of disclosure statement, and all related reorganization agreements and/or documents; (c) prepare all necessary motions, applications, reports, orders, objections and the like associated with prosecuting the Chapter 11 case; (d) prepare and appear in Bankruptcy Court to protect the Debtor's best interests; (e) perform all other legal services for the Debtor which may become necessary in this Chapter 11 case; and (f) prosecute and defend the Debtor in all adversary proceedings related to the base case. The firm will be paid at these hourly rates: John Woodman, Attorney $400 Paralegal $200 Staff $65 In addition, the firm will seek reimbursement for expenses incurred. Mr. Woodman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John C. Woodman, Esq. Essex Richards, PA 1701 South Blvd. Charlotte, NC 28203 Telephone: (704) 377-4300 About Bean Brothers Hardware & Supply Bean Brothers Hardware & Supply, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40202) on September 4, 2025, listing up to $1 million in both assets and liabilities. Judge Ashley Austin Edwards handles the case. John C. Woodman, Esq., at Essex Richards, PA serves as the Debtor's counsel. BEYOND PULSE: Hires Michael D. O'Brien & Associates as Counsel -------------------------------------------------------------- Beyond Pulse, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Michael D. O'Brien & Associates PC as counsel. The firm's services include: (a) negotiate financing orders; (b) obtain authorization for use of cash collateral; (c) review and evaluate the status and validity of secured claims; (d) litigate implementing their avoidance powers; and (e) formulate a plan of reorganization. The firm will be paid at these hourly rates: Michael O'Brien, Partner $495 Theodore Piteo, Partner $450 Associate Attorney $300 Lauren Gary, Paralegal $125 Hugo Zollman, Senior Paralegal $185 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $40,000 from the Debtor. Mr. Piteo disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Theodore J. Piteo, Esq. Michael D. O'Brien & Associates PC 7609 SW Beveland Rd. Portland, OR 97223 About Beyond Pulse Beyond Pulse, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-33088) on Sept. 15, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Peter C. McKittrick oversees the case. Theodore J. Piteo, Esq., at Michael D. O'Brien & Associates PC serves as the Debtor's counsel. BIRDSBORO POWER: S&P Assigns Prelim 'BB-' Rating on Term Loan B --------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' rating and '3' recovery rating to Birdsboro Power LLC's (Birdsboro) $325 million senior secured term loan B (TLB). The company will use the proceeds to repay its existing $210 million of debt outstanding and pay approximately $110 million in distributions to owners along with transaction fees. S&P said, "Based on our view of industry factors and market-driven variables, such as power demand and the pace and magnitude of the retirement of uneconomical units, as well as commodity and capacity pricing, we forecast Birdsboro will achieve a debt service coverage ratio (DSCR) of about 2x or higher during the TLB period. Our minimum DSCR of 1.42x occurs in the refinancing period, when we assume a fully amortizing structure by 2046 at higher interest costs, leading to a median DSCR of 1.45x. "The '3' recovery rating indicates our expectation for meaningful (65%, rounded estimate) recovery in a hypothetical default scenario. "The stable outlook on Birdsboro's senior debt reflects our expectation for robust cash flow over the next 12-24 months because of our assumption of higher forward power prices, higher cleared Pennsylvania-New Jersey-Maryland Interconnection (PJM) capacity prices in the 2026-2027 auction and our assumptions of capacity factors of 80%-85% in the near term. Based on these assumptions, we project a total TLB balance of $170 million-$175 million at maturity in 2032." Birdsboro project is a 485 megawatt (MW) natural gas fired 1x1 combined-cycle plant located in Birdsboro Borough, Penn., in the METED (Mid-Atlantic) subregion of PJM. Birdsboro achieved commercial operations on May 30, 2019. The project is equally owned among Strategic Value Partners (SVP; 33.3%; not rated), Tokyo Gas (33.3%; (A+/Stable), and Sojitz (33.3%; BBB/Stable), where SVP is the managing partner. S&P said, "The highly efficient, relatively new vintage facility benefitting from pent-up demand for its generation underpins our 'BB-' senior debt rating. We expect strong capacity factors and elevated energy margin will lead to DSCRs at or above 2x over the TLB period. We expect Birdsboro will benefit from increased power demand amid surging data center growth and limited supply side response during the TLB period." Retiring thermal fleets create opportunities for efficient generators, like Birdsboro, to provide dispatchable generation at scale required to meet the growing reliability needs in the PJM market. Birdsboro is an efficient 485 MW CCGT with an average five-year heat rate of 6,424 Btu/kWh, positioning it at the lower end of the PJM supply curve. The plant operates in the data center corridor of eastern Pennsylvania and achieved capacity factors for the last 12 months and full-year 2024 of 90% and 87%, respectively, which S&P thinks is a key credit strength. Pennsylvania is one of the largest exporters of electricity in PJM and does not participate in the Regional Greenhouse Gas Initiative (RGGI), which offers Birdsboro a regional advantage. S&P forecasts the plant will generate capacity factors of 80%-85% during the TLB period, except for 2027, when the plant has scheduled major maintenance and is expected to be out of service for the months of September and October, resulting in capacity factors of about 70% for that year. Birdsboro's regional advantages are somewhat offset by basis difference. It sells power to the METED power zone, while its node historically traded at a 4%-7% discount to the METED zone, resulting in lower spark spread. The nodal discount was primarily attributed to congestion. However, over the past few years when the plant began its commercial operation, the marginal loss component also contributed to an increase in the negative basis. Key drivers of this discount include constraints on the Nottingham-Peach bottom line, the Three Mile Island transformer, and the Messick–Ridgeley line. The plant utilizes spark spread hedging, where the forward power price is indexed to the METED zone. To mitigate the basis risk, the project hedges the basis risk with financial transmission rights (FTRs), which settle as a financial contract for the congestion price differences between a specified source and destination, i.e., METED and Birdsboro node. The project has hedged 200 MW (or about 60% of expected generation) for the last quarter of 2025 at an average spark spread of $19.45/MWh, which is at a premium of forward spark spread based on our forward power and gas prices for the fourth quarter of 2025. Additionally, the project entered FTRs for the last quarter of the year at an average contract price of about $3.2/MWh, which represents the cost of congestion on transmission lines. Therefore, Birdsboro locked its realized spark spread to $16.25/MWh on the hedged generation. As part of its hedging strategy, Birdsboro's asset manager plans to hedge approximately 275 MW of the plant's capacity in the following year, or about 57% of its annual production, leaving about 43% of its generation open for price hikes. Under S&P's base-case forecast, it applies a 6%-7% nodal discount to the forward prices at the METED zone in the next two to three years, resulting in an about $3.2/MWh spark spread difference between Birdsboro and the forecasted market spark spread, which is consistent with most recent negative basis. S&P said, "We note PJM approved an approximately $5 billion package for grid enhancements, including new substations, transmission lines, and improvements to existing facilities, to meet system needs until 2028 and beyond, which could lower the transmission cost for Birdsboro. In the near term until 2030, we forecast elevated clean spark spreads of $17-$18/MWh, based on our forward curve prices and our expectations for increase demand and load growth in a constrained market causing a strong price power price response. "However, in the long term given our expectation for entry of more efficient and low marginal cost renewable generation, we expect market heat rates to drop and Birdsboro's clean spark spreads to weaken with an average clean spark spread of about $14/MWh in 2032-2046. "We believe the project has a limited credit cushion at the current rating due to moderate debt leverage. Our minimum DSCR of 1.42x occurs during the refinancing period, when we expect $170 million-$175 million of outstanding debt will be fully amortized until 2046 (the end of project life) at higher interest costs. We believe the uncertain market conditions during the refinancing period (2033-2046) and refinancing risk are partially mitigated by the moderate debt burden." Birdsboro's debt per KW is $670, which is lower than Hill Top (BB-/Stable) at $758 and Potomac Energy Center (BB-Stable) at $678, but higher than South Field Energy (BB-/Stable) at $647 and CPV Fairview (BB-/Stable) at $524. Like Hill Top, Birdsboro uses the same GE 7HA.02 technology in a single shaft configuration. Birdsboro's minimum DSCR is also in line with Hill Top and Potomac Energy Center, while these peers have slightly higher median DSCRs than Birdsboro. The proposed TLB structure requires a 75% cash flow sweep for leverage above 3.50x, reduced to 50% and 25% if net leverage is below 3.50x and 2.50x, respectively. Although excess cash flow sweeps result in meaningful deleveraging during the TLB period for Birdsboro (about $130 million- $135 million, excluding required amortization, or 40% of the original issue $325 million), the project structure allows for maximum annual tax distributions of $5 million, which can be paid before cash flow sweeps, therefore reducing cashflow sweeps. S&P has incorporated the maximum amount of tax distributions of $5 million before cash flow sweeps in its forecast during the TLB period. Birdsboro has generally performed well except for several operating outages between 2022 and 2023. Management is planning sizable capital spending in 2026 and 2027 to mitigate potential operational disruptions, leading to higher operating leverage compared with peers. Birdsboro experienced two extended outages in 2022 and 2023, which reduced availability, production, and cash flows. The outage in December 2022-January 2023 led to nonperformance penalties during Winter Storm Elliot. Birdsboro will be spending approximately $15.6 million in 2026 and $13.5 million in 2027 on capital expenditure (capex) and major maintenance costs for rotor replacement, stocking on critical spare parts for the balance of the plant, and plant performance optimization upgrades (Birdsboro met the PJM summer capacity test with the performance upgrade). S&P said, "After 2027, we expect the project's capex and major maintenance costs will normalize to an annual average of about $7.5 million, reflecting preventative spending on critical spare parts for inventory and ancillaries to the turbines and generators to mitigate operational disruptions. We believe Birdsboro has layers of protections in place to prevent major outages, including long-term customer service agreement with GE that covers the combustion and steam turbine generators, and operations and maintenance contract with NAES Corp. We believe the rotor replacement in 2027, coupled with following operating protocol recommended by GE, should mitigate potential issues." The plant was in forced outage from Jan. 15, 2022, to Feb. 2, 2023, due to the loss of the 230 kV(kilovolt) "B" phase at the Boonetown Switchyard from a compressor power outage, which was remediated by new original equipment manufacturers (OEMs), and the issue is considered closed. In addition, a high-pressure bypass valve failed in December 2022, adding 157 forced outage hours between December 2022 and January 2023. The valve and stem were replaced, resolving the issue, and the plant added those parts as critical spare inventory. As a result, the plant could not operate at full capacity during Winter Storm Elliott, leading to about $11 million in adjusted penalties for performance event. Also, in the second quarter of 2023, the plant was in scheduled outage due to its hot gas path inspection, when a small crack in the turbine cover plate was discovered--a known issue identified by GE for all 7HA.02 models, for which GE issued Technical Information Letter (TIL) 2333 recommending a rotor replacement. Birdsboro has purchased a refurbished rotor per GE recommendation and will be replacing the rotor during 2027 major maintenance scheduled for October and November 2027. Birdsboro features GE 7HA.02 new and proven technology, which is partially offset by limited redundancy. The GE 7HA.02 model is a newer generation of the GE CTG based on mature technologies with a goal of improving plant efficiency and reducing emissions. This model has minimal technological risks because it is considered commercially proven. Model 7HA.02 has approximately nine years of commercial operating history and the fleet has achieved over 2.2 million operating hours. Birdsboro is configured in a single-shaft, combined-cycle arrangement, where both the CT and ST drive a single common generator. The advantage of a single-shaft design is a reduced number of generators and smaller plant footprint, which slightly improves efficiency. The disadvantages are the reduction of redundancy (the generator is a single point of failure) and the incorporation of an additional and relatively high maintenance piece of rotary equipment (the clutch). S&P believes the limited redundancy exposes the project to operating and financial risk. S&P said, "The stable outlook on Birdsboro's debt reflects our expectation for robust cash flow over the next 12-24 months because of our expectation for higher forward power prices, higher cleared PJM capacity prices in the 2026-2027 auction, and our assumptions of capacity factors of 80%-85% in the near term. We expect the project will achieve DSCRs at or above 2x during the TLB period. After this period, we expect portfolio cash flow will gradually decline because we assume Birdsboro will become less competitive with the entry of more efficient technology and renewable generation, reducing production and cash flow. Our minimum DSCR of 1.42x occurs during the post-TLB period, when we assume a fully amortizing structure at a relatively higher interest margin." S&P could lower its rating on Birdsboro's debt if a combination of these factors reduces minimum DSCRs to less than 1.40x on a sustained basis: -- Higher-than-expected operating outages, reduced utilization, and performance penalties. -- Lower-than-expected realized energy margin or weaker demand because of a less favorable market outlook. -- Higher-than-expected operating costs and major maintenance expenses leading to reduced cash flows. It is unlikely that S&P raises the debt rating in the near term due to the single-asset nature of the project and limited operating redundancy. However, S&P could raise the rating if: -- S&P expects the project will maintain a minimum base-case DSCR greater than 1.80x in all years, including the post-refinancing period; and -- S&P has a qualitative view that the project can be rated in the 'BB' category given its single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk. S&P would expect such outcomes to occur if the project's financial performance and debt repayment well exceed its forecast on a sustained basis. This could be due to factors such as improved energy margins, higher dispatch, and substantially improved capacity pricing, leading to lower-than-expected debt outstanding at the time of the TLB's maturity, as well as a track record of decreasing debt per kW. BLACKFIN PIPELINE: S&P Assigns 'B+' Rating on Senior Secured Debt ----------------------------------------------------------------- S&P Global Ratings assigned its B+' rating to Blackfin Pipeline LLC's senior secured debt. S&P said, "Our recovery rating '2' indicates our expectations of meaningful (70%-80%, rounded estimate: 75%) recovery in the event of default. "The stable outlook reflects our expectation that the project will generate predictable cash flow available for debt service (CFADS), with minimum debt-service coverage ratio (DSCR) of about 1.3x during the refinancing period starting in 2032." Blackfin Pipeline LLC is a joint venture between WhiteWater Development LLC and Venture Global LNG Inc. The 195-mile intrastate pipeline extends the Matterhorn Express system and will connect with CP Express, a 93-mile lateral under construction. The pipeline system will deliver natural gas feedstock to CP2 LNG in Cameron Parish, La., once the terminal begins service in March 2027. Both CP Express and the CP2 LNG export terminal are wholly owned by Venture Global. Blackfin consists of a 160-mile, 48-inch mainline, the 35-mile Sheridan Lateral, and the short Matterfin lateral that links Blackfin to Matterhorn. Blackfin's Phase 1 is scheduled for completion in October 2025, with Phase 2, limited to compression additions already in fabrication, due in June 2026. Construction of Phases 1 and 2 is currently about 91% complete. Blackfin's credit profile is anchored by its 20-year take-or-pay TSA with CP2 LNG, a large-scale liquefied natural gas (LNG) export terminal with Phase 1 designed for 17.3 million tons per annum (mtpa) of liquefaction capacity, expandable to 28 mtpa. Because CP2 LNG is the sole shipper, Blackfin's rating is capped at CP2's credit quality. The project is issuing a $425 million TLA due in 2030, $1.050 billion TLB due in 2032, and $75 million RCF used for debt service reserve requirement. Proceeds from the issuance will cover remaining project costs and reimburse sponsors for prior project expenditures. S&P said, "Our 'BB+' senior debt rating reflects our assessment of both the construction and operation phases of Blackfin (we use the lower of the two ratings), the predictability of its cash flow profile given the 20-year TSA, as well as the credit quality of its sole shipper CP2 LNG. "The rating on Blackfin is subject to a criteria exception. Our project finance methodology requires any counterparty dependency assessment (CDA) be based on an issuer credit rating. Because CP2 LNG is a material and irreplaceable counterparty, a CDA is required for the rating of Blackfin. CP2 LNG is rated under our project finance methodology and as such, is assigned an issue credit rating, not an issuer credit rating. The approved exception permits the use of the issue credit rating of CP2 LNG as a proxy for its creditworthiness in this case. "The stable outlook reflects our expectation that construction of the Blackfin Pipeline Phase 2 will be completed on time in June 2026 and within budget. Once operational, the project will benefit from its long-term transportation service agreement with CP2 LNG, which underpins its fixed revenue and CFADS profile over the 20-year contract term. We forecast a minimum DSCR of 1.31x in 2032, supported by the contractual take-or-pay structure." S&P could take a negative rating action on Backfin if: -- The credit quality of its sole shipper, CP2 LNG, weakens due to construction delays or other adverse factors, or -- The project's minimum DSCR falls to 1.15x or lower, potentially from an increase in operating expenditure that is not offset by higher transportation tariffs. S&P could raise the rating on Blackfin if: -- Credit quality of CP2 LNG improves to the point that it no longer constrains Blackfin's credit quality, and -- Blackfin's stand-alone credit profile, prior to the impact of CP2 LNG counterparty exposure, remains at least 'BBB-' or strengthens further. BLH TOPCO: Shuts Down Arlington Location After Chapter 11 Filing ---------------------------------------------------------------- Ella Gonzales of Fort Worth Star Telegram reports that Bar Louie has shuttered its Arlington gastrobar, one of several closures following the Dallas-based chain's March 2025 Chapter 11 filing. The company, which operates corporate-owned locations, previously underwent bankruptcy in 2020, according to the report. Court filings show the chain has already closed restaurants in Allen and at The Shops at Park Lane in Dallas. The Arlington site, located along Interstate 20 near Matlock Road, has now joined them. Bar Louie said in March 2025 its restaurants would continue operating during the restructuring, but of the 10 Texas locations it once operated, only four remain—in Irving, DFW Airport, Round Rock, and Katy. About BLH TopCo BLH TopCo, LLC is the operator and franchisor of locally themed, social gastrobars under the "Bar Louie" brand. Bar Louie is an upscale neighborhood bar and eatery. Established in 1991 in Chicago, Ill., BLH TopCo and its affiliates currently operate 31 locations, franchise an additional 17, and employ roughly 1,400 individuals across 19 states. Bar Louie restaurants are situated in various settings, such as lifestyle centers, conventional shopping malls, event venues, central business districts, and other unique standalone locations. BLH TopCo and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10576) on March 26, 2025. In its petition, BLH TopCo reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Thomas J. Francella, Jr., Esq., and Mark W. Eckard, Esq., attorneys at Raines Feldman Littrell, LLP. Bankruptcy Management Solutions, Inc., doing business as Stretto, serves as the Debtors' claims and noticing agent. BOOKS INC: Gets Court Approval for $3.25MM Sale to Barnes & Noble ----------------------------------------------------------------- Ben Zigterman of Law360 reports that Barnes & Noble won approval Wednesday, September 24, 2025, to acquire Books Inc., California's oldest independent bookstore chain, in a $3.25 million deal slated to close October 1, 2025. About Books Inc. Books Inc. is the oldest independently owned bookstore in the western U.S. and operates eleven brick-and-mortar stores in the Bay Area. In addition to its physical locations, the Company runs an online store, offering a mix of direct shipping and in-store pickup for customers. The Company also fosters strong community engagement, hosting hundreds of author events, book clubs, and other activities each year. Books Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40087 on January 20, 2025, with $3,283,300 in assets and $5,161,574 in liabilities. Andrew Perham, chief executive officer of Books Inc., signed the petition. Judge William J. Lafferty oversees the case. The Debtor is represented by Stephen D. Finestone, Esq. at Finestone Hayes, LLP. BOUNDLESS BROADBAND: Seeks to Extend Plan Exclusivity to Dec. 30 ---------------------------------------------------------------- Boundless Broadband, LLC and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 30, 2025 and February 23, 2026, respectively. The Debtors explain that having closed on the sale of substantially all their assets a few days before filing this Motion, the Debtors are now able to pivot from focusing on the successful sales of substantially all the Debtors' assets to (i) monetizing the Debtors' remaining assets and (ii) determining the best path forward in the Debtors' cases. As a result of the procedural posture of these cases, the Debtors submit that no party in interest is able or ready to submit a plan for these chapter 11 cases, and the Debtors should be provided sufficient time to develop a chapter 11 plan, as necessary and appropriate, that be best for the Debtors' estates and their creditors. The Debtors claim that the extension request is reasonable and consistent with the efficient prosecution of these chapter 11 cases because it will provide the Debtors with additional time to consider important issues, negotiate, draft and finalize a plan, and solicit acceptances. Allowing the Exclusive Periods to lapse now would defeat the purpose of section 1121 and deprive the Debtors and their creditors of the benefit of a meaningful and reasonable opportunity to negotiate a consensual plan. The Debtors assert that they need additional time to pivot from the postpetition sale process and focus on monetizing the Debtors’ remaining assets and determining the best path forward for the Debtors' estates and creditors. The requested extensions of the Exclusive Periods will provide the Debtors with the time needed to address these issues and thereby permit the Debtors to focus on both resolving such issues in a manner that best serves their estates and creditors and establishing a framework for a viable path forward without the distraction of a looming exclusivity deadline. The Debtors do not believe that the requested extension of the Exclusive Periods will harm the Debtors' creditors or other parties in interest. On the contrary, the Debtors have conducted these cases in an efficient manner, for the benefit of the estates and the Debtors' creditors and other parties in interest. This is the Debtors' first motion to extend the Exclusive Periods. The Debtors are not seeking this extension to prejudice their creditors or to otherwise pressure creditors to submit to reorganization demands. Instead, the Debtors intend to use the extended Exclusive Periods to, among other things, monetize the Debtors' remaining assets, determine the best exit strategy for these cases, and negotiate with the Committee and other parties in interest. Thus, because neither the Debtors' creditors nor any other party in interest will be prejudiced by the proposed extension of the Exclusive Periods, the Debtors submit that the relief requested should be approved. Counsel to the Debtors: Evan T. Miller, Esq. Monique B. DiSabatino, Esq. Paige N. Topper, Esq. Saul Ewing LLP 1201 N. Market Street, Suite 2300 Wilmington, DE 19801 Tel: (302) 421-6800 Email: evan.miller@saul.com monique.disabatino@saul.com paige.topper@saul.com - and - Lindsay Zahradka Milne, Esq. Verrill Dana LLP One Portland Square, 10th Floor Portland, ME 04101 Telephone: (207) 774-4000 Email: lmilne@verrill-law.com About Boundless Broadband Boundless Broadband, LLC and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In its petition, Boundless Broadband disclosed up to $50,000 million in both estimated assets and liabilities. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors tapped Saul Ewing LLC and Verrill Dana LLP as counsel and Alastar Partners, LLC as restructuring advisor. The Debtors' claims and noticing agent is Omni Agent Solutions, Inc. BOWERS TRUCKING: Hires Fellers Snider Blankenship as Legal Counsel ------------------------------------------------------------------ Bowers Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Stephen J. Moriarty of Fellers Snider Blankenship Bailey & Tippens, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as debtor in the continuing operation of its business and management of its property; (b) prepare on behalf of the Debtor all necessary applications, answers, orders, pleadings, reports, and other legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein. Mr. Moriarty will receive compensation at his normal hourly rate of $575, together with such additional compensation as the court may approve. Fellers Snider is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen J. Moriarty, Esq. FELLERS, SNIDER, BLANKENSHIP, BAILEY & TIPPENS, P.C. 100 N. Broadway, Suite 1700 Oklahoma City, OK 73102 Telephone: (405) 232-0621 Facsimile: (405) 232-9659 E-mail: smoriarty@fellerssnider.com About Bowers Trucking Inc. Bowers Trucking Inc., d/b/a Bowers Trucking & Logistics, headquartered in Ponca City, Oklahoma, provides transportation services across ground, ocean, and air throughout the US, Canada, and Mexico, including import and export container shipments to China and Japan. Founded in the early 1960s by Glen C. Bowers to support his sawmill operations in Fairfax, Oklahoma, the Company has expanded under subsequent generations to serve large and small businesses with flatbed freight, commodities, and time-sensitive shipments. Bowers Trucking focuses on operational standards, safety, and communication. Bowers Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12884) on September 18 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Stephen J. Moriarty, Esq. at FELLERS, SNIDER, BLANKENSHIP, BAILEY & TIPPENS, P.C. BRAND INDUSTRIAL: BlackRock Debt Marks $3.2MM Loan at 83% Off ------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $3,202,000 loan extended to Brand Industrial Services, Inc to market at $2,667,569 or 17% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2024 Term Loan B to Brand Industrial Services, Inc. The loan accrues interest at a rate of 8.78% (3-mo. CME Term SOFR at 0.50% Floor + 4.50%) per annum. The loan matures on August 1, 2030. BlackRock Debt under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Headquartered in Kennesaw, GA, Brand Industrial Services, Inc. is the largest provider of scaffolding, insulation, coatings and other industrial services within the following market segments in North America: upstream, midstream, and downstream oil & gas, power generation, industrial and infrastructure. The company is majority owned by Clayton, Dubilier & Rice and Brookfield Business Partners. BRIDGE TO ADULTHOOD: Case Summary & 13 Unsecured Creditors ---------------------------------------------------------- Debtor: Bridge to Adulthood, LLC 5345 Russellville Road Allensville, KY 42204 Business Description: Bridge to Adulthood, LLC provides residential and community-based support services for individuals with intellectual and developmental disabilities in Kentucky. The Company participates in state Medicaid waiver programs, including the Michelle P. Waiver for children and teenagers and the Supports for Community Living program for adults, offering alternatives to institutional care. Its services include residential care, in-home and community support, and animal therapy, with operations centered at its facility in Allensville. Chapter 11 Petition Date: September 23, 2025 Court: United States Bankruptcy Court Western District of Kentucky Case No.: 25-10810 Judge: Hon. Joan A Lloyd Debtor's Counsel: Charity S. Bird, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 West Main Street Fourth Floor Louisville, KY 40202 Tel: (502) 540-8285 Fax: (502) 540-8282 Email: cbird@kaplanjohnsonlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Brian Comley as owner and program director. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TS5SF7I/Bridge_to_Adulthood_LLC__kywbke-25-10810__0001.0.pdf?mcid=tGE4TAMA BURGESS POINT: Prospect Marks $2.9MM 1L Loan at 14% Off ------------------------------------------------------- Prospect Floating Rate and Alternative Income Fund, Inc. has marked its $2,969,543 loan extended to Burgess Point Purchaser Corporation to market at $2,551,135 or 86% of the outstanding amount, according to Prospect's Form 10-K for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Prospect is a participant in a Senior Secured First Lien Term Loan to Burgess Point Purchaser Corporation. The loan accrues interest at a rate of 9.65% per annum. The loan matures on July 25, 2029. Prospect was formed as a Maryland corporation on April 29, 2011. The company is an externally managed, closed-end, non-diversified management investment firm that has elected to be regulated as a business development company, under the Investment Company Act of 1940. It has elected to be taxed for U.S. federal income tax purposes, and intend to qualify annually as a regulated investment company, under Subchapter M of the Internal Revenue Code of 1986. The company's adviser manages its portfolio and makes all investment decisions for the company, subject to supervision by its Board of Directors. Prospect is led by M. Grier Eliasek as Chief Executive Officer and Director, Kristin L. Van Dask as Chief Financial Officer, and Andrew C. Cooper as Director. The Fund can be reach through: M. Grier Eliasek Prospect Floating Rate and Alternative Income Fund, Inc. 10 East 40th Street, 42nd Floor New York, NY 10016 Telephone: (212) 448-0702 About Burgess Point Purchaser Corporation Burgess Point Purchaser Corporation manufactures alternative vehicle parts. BYJU'S ALPHA: Files Amendment to Disclosure Statement ----------------------------------------------------- BYJU's Alpha, Inc., submitted an Amended Combined Disclosure Statement and Chapter 11 Plan dated September 16, 2025. The Plan provides for the liquidation and Distribution of the proceeds of the Debtor's remaining assets. Accordingly, the Debtor believes all Chapter 11 plan obligations will be satisfied without the need for further reorganization of the Debtor. The Retained Causes of Action are expected to comprise substantially all of the remaining assets of the Debtor's Estate. The Plan provides for the vesting of the Retained Causes of Action in the Wind-Down Debtor so that the Plan Administrator can pursue and liquidate the Retained Causes of Action for the benefit of Holders of Allowed Claims entitled to the Distributable Proceeds. The Debtor believes that any recoveries from the Retained Causes of Action are speculative and understands that substantial new money funding will be required to pursue, reduce to judgment, and recover proceeds on account of the Retained Causes of Action. It is anticipated that any such recoveries will not be sufficient to satisfy the Allowed Class 3 Claims in full. Based on its investigation, the Debtor believes that the only other material asset of the Debtor is its 50% ownership stake in GeoGebra, which the Debtor believes to be de minimis in relation to the quantum of Allowed Class 3 Claims. Additionally, GeoGebra is 50% owned by T&L, which is subject to an insolvency proceeding in India. The Debtor therefore believes that a chapter 7 trustee would encounter substantial delay and difficulties in attempting to liquidate GeoGebra at this time and would likely incur costs that outweigh any benefit to the Estate. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of all General Unsecured Claims. On the Effective Date, all Allowed General Unsecured Claims shall not receive any Distribution on account of such Claims. Class 4 is Impaired under the Plan. Holders of Allowed General Unsecured Claims are deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Therefore, such Holders are not entitled to vote to accept or reject the Plan. This Class will receive a distribution of 0% of their allowed claims. * Class 7 consists of all Interests. On the Effective Date, all Interests (including Intercompany Interests) shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. For the avoidance of doubt, the treatment of Class 7 Interests under the Plan pertains only to any Interest in the Debtor and shall in no way release, alter, impair, or otherwise impact the vesting of all Retained Assets in the WindDown Debtor, which shall be entitled to retain ownership of, dispose of, or otherwise monetize such Retained Assets, including any Interest that the Debtor has in any non-Debtor, as set forth elsewhere herein and in the Plan Administrator Agreement. The Wind-Down Debtor shall be established, formed, and merged on the Effective Date. The Wind-Down Debtor shall be the successor in interest to the Debtor, and the Wind-Down Debtor shall be the successor to the Debtor and its Estate's right, title, and interest to the WindDown Debtor Assets. The Wind-Down Debtor will conduct no business operations and will be charged with winding down the Debtor's Estate. The Wind-Down Debtor shall be managed by the Plan Administrator and shall be subject to the oversight of the Wind-Down Debtor Oversight Committee. Prior to the Effective Date, any and all of the Debtor's assets shall remain assets of the Estate pursuant to section 1123(b)(3)(B) of the Bankruptcy Code and on the Effective Date the Wind-Down Debtor Assets shall irrevocably vest in the Wind-Down Debtor. For the avoidance of doubt, to the extent not otherwise waived in writing, released, settled, compromised, assigned or sold pursuant to a prior Final Order of the Bankruptcy Court or the Plan, the Wind-Down Debtor specifically retains and reserves the right to assert, after the Effective Date, any and all of the Retained Causes of Action and related rights, whether or not asserted as of the Effective Date (and whether or not listed on the Schedule of Retained Causes of Action), and all proceeds of the foregoing, subject to the terms of the Plan. On or after the Confirmation Date, the Plan Administrator shall be authorized to (i) enter into a financing facility comprised of (a) the New Money Wind-Down Financing Facility, (b) the Wind-Down Financing Facility Roll-Over Term Loans, and (c) the Indemnity Facility (collectively, the "Wind-Down Financing Facility"), and (ii) enter into the documents memorializing the terms of the Wind Down Financing Facility (the "Definitive Documentation"), which shall be Filed with the Plan Supplement. A full-text copy of the Amended Combined Disclosure Statement and Plan dated September 16, 2025 is available at https://urlcurt.com/u?l=W54Xmo from PacerMonitor.com at no charge. BYJU's Alpha, Inc. is represented by: YOUNG CONAWAY STARGATT & TAYLOR, LLP Robert S. Brady, Esq. Kenneth J. Enos, Esq. Jared W. Kochenash, Esq. Timothy R. Powell, Esq. 1000 North King Street Wilmington, Delaware 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com kenos@ycst.com jkochenash@ycst.com tpowell@ycst.com - and - QUINN EMANUEL URQUHART & SULLIVAN, LLP Susheel Kirpalani, Esq. Benjamin Finestone, Esq. Daniel Holzman, Esq. Jianjian Ye, Esq. 51 Madison Avenue, 22nd Floor New York, New York 10010 Tel.: (212) 849 7000 Email: susheelkirpalani@quinnemanuel.com benjaminfinestone@quinnemanuel.com danielholzman@quinnemanuel.com jianjianye@quinnemanuel.com About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CALDWELL HOLDINGS: Gets OK to Use Cash Collateral Until Oct. 9 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, issued an interim order authorizing Caldwell Holdings, LLC to use cash collateral. The interim order authorized the Debtor to use cash collateral in accordance with its budget through the final hearing scheduled for October 9. The budget shows total projected operational expenses of $167,361.71 for the period from September 15 to October 13. The Debtor believes that First Internet Bank of Indiana and Itria Ventures, LLC may have security interests in certain business revenues that may constitute cash collateral. The First Internet Bank of Indiana (as successor to ApplePie Capital, Inc.) has a first position lien on the Debtor's cash collateral. To protect the lenders, the court granted them adequate protection liens on post-petition assets similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. About Caldwell Holdings, LLC Caldwell Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41374) on September 10, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. CALIFORNIA RESOURCES: S&P Rates New $400MM Unsecured Notes 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating to U.S.-based oil and gas exploration and production company California Resources Corp.'s (B+/Stable/--) proposed $400 million senior unsecured notes due 2034. The '2' recovery rating indicates S&P's expectation for substantial (70%-90%; rounded estimate: 85%) recovery to creditors in the event of a payment default. California Resources intends to use the proceeds, along with borrowings under its credit facility and cash on hand, to pay down the net debt it will assume with the previously announced $717 million acquisition of Berry Corp., which S&P expects will close in the first quarter of 2026. The notes will be mandatorily redeemed if the merger has not been consummated by Sept. 14, 2026, at par plus accrued and unpaid interest. S&P's 'B+' issuer credit rating and stable outlook on California Resources are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario for California Resources assumes a sustained period of low commodity prices, consistent with the conditions of past defaults in this sector. -- S&P assumes the company's upsized reserve-based lending facility, with elected commitments of $1.15 billion, is fully drawn at default. -- S&P based its valuation of California Resources on a company-provided PV-10 report using year-end 2024 proved reserves evaluated on our recovery price deck of $50 per barrel for WTI crude oil and $2.50 per million British thermal unit for Henry Hub natural gas, along with an estimated value for Berry Corp.'s proved reserves. -- S&P said, "We cap California Resources' recovery rating for senior unsecured claims at '2', in line with our recovery rating criteria for entities rated 'B+' and lower, to reflect the heightened risk that they will issue additional priority or pari passu debt along the path to default." Simulated default assumptions: -- Simulated year of default: 2029 -- Jurisdiction (Rank A): The company is headquartered in the U.S. and has majority of its revenue and assets located domestically. -- S&P adjusted its gross enterprise value to account for restructuring administrative costs (estimated at about 5% of the gross value). Simplified waterfall: -- Net enterprise value at default (after 5% administrative costs): $3.78 billion -- First-lien debt: $1.02 billion --Recovery expectations: Not applicable -- Total value available to unsecured claims: $2.76 billion -- Senior unsecured debt: $1.48 billion --Recovery expectations: 70%-90% (rounded estimate: 85%, capped) Note: All debt amounts include six months of prepetition interest. CAPE FEAR: Section 341(a) Meeting of Creditors on October 28 ------------------------------------------------------------ On September 23, 2025, Cape Fear Discount Drug LLC filed Chapter 11 protection in the Eastern District of North Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 28, 2025 at 10:00 AM at Zoom 341 Meeting Raleigh. About Cape Fear Discount Drug LLC Cape Fear Discount Drug LLC operates a community-focused pharmacy providing prescription dispensing, immunizations, medication therapy management, and over-the-counter products. The pharmacy is part of the Good Neighbor Pharmacy network and serves local residents with programs including family vitamins and child safety initiatives. Cape Fear Discount Drug LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03693) on September 23, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Laurie B. Biggs, Esq. of BIGGS LAW FIRM PLLC. CAR TOYS: Committee Hires Dundon Advisers as Financial Advisor -------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of Car Toys, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Dundon Advisers LLC as financial advisor. The firm's services include: (a) assist in the analysis, review, and monitoring of the restructuring process; (b) analyze the proposed use of cash collateral from the perspective of adequacy of liquidity and proper inclusion and exclusion of assets of the Debtor as collateral therefore; (c) support and augment the Debtor's sale process, as appropriate and without duplication of material efforts of its adviser in the performance of its duties as set forth in its retention application; (d) develop a sufficient understanding of the Debtor's businesses and operations optimization to support the committee superintendence of the sales process and preparation for any contingencies; (e) assist the committee in identifying, valuing, and pursuing estate causes of action; (f) assist the committee to address claims against the Debtor and to identify, preserve, value, and monetize its tax assets; (g) advise the committee in negotiations with the Debtor and third parties; (h) assist the committee in reviewing the Debtor's financial reports; (i) review and provide analysis of any proposed disclosure statement and Chapter 11 plan and if appropriate, assist the committee in developing an alternative Chapter 11 plan; (j) attend meetings and assist in discussions with the committee, the Debtor, the secured lenders, the U.S. Trustee, and other parties in interest and professionals; (k) present at meetings of the committee, as well as meetings with other key stakeholders and parties; (l) perform such other advisory services for the committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and (m) provide testimony on behalf of the committee as and when may be deemed appropriate. The firm will charge based on its customary hourly rates currently in effect through June 30, 2026, which range from $350 to $1,090 per hour which shall be capped at a blended rate of $650 per recorded hour of all professionals. In addition, the firm will seek reimbursement for expenses incurred. Eric Reubel, a managing director at Dundon Advisers, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric Reubel Dundon Advisers LLC 10 Bank St., Ste. 1100 White Plains, NY 10606 Telephone: (914) 341-1188 About Car Toys Inc. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, PS represents the Debtor as counsel. On Sept. 3, 2025, the Office of the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped DBS Law as counsel and Dundon Advisers LLC as financial advisor. CAROLINA'S CONTRACTING: Plan Exclusivity Period Extended to Nov. 24 ------------------------------------------------------------------- Judge Lena M. James of the U.S. Bankruptcy Court for the Middle District of North Carolina extended Carolina's Contracting LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 24, 2025 and January 23, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that good cause exists to extend for 90 days both the 120 and 180 Exclusivity Period deadlines, for reason which include, but are not limited to: * This case has a complex amount of Purchase Money Security Interest ("PMSI") claims, involving numerous items of construction equipment. The debtor in determining the best option for restructuring its affairs has been required to decide which items of equipment should be retained, sold, returned to secured creditors or to keep and restructure the applicable secured debt. This decision is complex since the debtor must also decide whether unencumbered equipment can perform any necessary work, so as to allow the return of similar secured equipment. It is in the best interest of creditors for this "contract bidding process" to become clearer prior to making the critical "equipment need" decisions. * The Debtor is reviewing a least two restructuring opportunities. One would be an internal restructuring of debt and the continuation of the business. A second potential option involves a joint operation with a similar but separate company. It is contemplated such operation would be conducted through a newly formed entity. It appears the combination can not only do what each company is currently performing, but can generate higher profits by attracting even more work as a single operating entity. * Active and complex, but yet unfinished beneficial negotiations, are taking place with many of the PMSI creditors. The requested extension is necessary to allow for these beneficial negotiations to be completed. About Carolina's Contracting Carolina's Contracting LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reported total assets of $31,405,291 and total liabilities of $25,942,522. Judge Lena M. James oversees the case. The Debtor is represented by: Dirk W. Siegmund, Esq. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP Tel: (336) 274-4658 Email: dws@iveymcclellan.com CENTRAL PARENT: BlackRock Debt Marks $2.9MM Loan at 17% Off ----------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $2,995,000 loan extended to Central Parent LLC to market at $2,493,242 or 83% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2024 Term Loan B to Central Parent LLC. The loan accrues interest at a rate of 8.84% (3-mo. CME Term SOFR at 0% Floor + 3.25%) per annum. The loan matures on July 6, 2029. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Central Parent LLC of Delaware provides software solutions. The Company serves customers in the United States. CHG US: Plan Exclusivity Period Extended to December 8 ------------------------------------------------------ Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware extended CHG US Holdings LLC, and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 8, 2025 and February 9, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the initial months of these Chapter 11 Cases have been consumed with stabilizing the Debtors' operations, identifying for closure and closing certain restaurant locations, obtaining post-petition financing that would allow a fulsome Sale process, and conducting the Sale process. The Sale Order approving the Sale was entered on August 1, 2025, and the Closing occurred on August 18, 2025. With Closing having occurred just a few short weeks ago, the Debtors can now turn their focus to a Plan process, but require an extension of the Exclusive Periods to do so. Moreover, since the Petition Date, the Debtors have paid their postpetition debts in the ordinary course or as otherwise provided by Court order, which was critical both to progression of the Sale process and to getting to a plan process. The Debtors have engaged in discussions with the Committee regarding the prospects for and contours of a confirmable plan that will result in a recovery to the Debtors' unsecured creditors. An extension of a debtor's Exclusive Periods is justified by a debtors' progress in resolving issues facing its creditors. The Debtors assert that they are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders. The Debtors have been diligently moving these Chapter 11 Cases forward, first with the Sale process, and now with an eye towards achieving a confirmed plan that nets a recovery to creditors. Accordingly, the relief requested herein does not prejudice the Debtors' creditors and will benefit the Debtors' estates, their creditors, and all other key parties in interest. The Debtors further assert that an objective analysis of the relevant factors demonstrates that, under the circumstances of these Chapter 11 Cases, the Debtors are doing everything that they should be doing to facilitate a successful conclusion with a confirmed plan. Accordingly, sufficient cause exists to extend the Exclusive Periods as provided herein. Counsel to the Debtors: PASHMAN STEIN WALDER HAYDEN, P.C. Joseph C. Barsalona II, Esq. Michael J. Custer, Esq. 824 North Market Street, Suite 800 Wilmington, Delaware 19801 Telephone: (302) 592-6496 Email: jbarsalona@pashmanstein.com mcuster@pashmanstein.com -and- Katherine R. Beilin, Esq. Court Plaza South, East Wing 21 Main Street, Suite 200 Hackensack, NJ 07601 Telephone: (201) 488-8200 Email: kbeilin@pashmanstein.com About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CLESMA INC: Seeks to Tap Lane Law Firm PLLC as Legal Counsel ------------------------------------------------------------ CLESMA Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire The Lane Law Firm, PLLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in these cases. The firm will receive hourly rates of $650 for managing partner Robert Lane, $625 for Joshua Gordon, $575 for Zachary Casas, $450 for Kyle K. Garza, and $250 for paraprofessionals. The Lane Law Firm, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert C. Lane Kyle K. Garza THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: kyle.garza@lanelaw.com About Clesma Inc. Clesma Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42744) on September 18, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Carlos Arce, president of Clesma, signed the petition. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. CLNG HOMES: Hires McClain Law Group as Legal Counsel ---------------------------------------------------- CLNG Homes LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Michael W. McClain of McClain Law Group PLLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give legal advice with respect to the Debtor's powers and duties as Debtor-in-Possession in the continued operations and management of its property; (b) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, and objecting to claims filed against the Debtor's estate; (c) prepare on behalf of the Debtor, as Debtor-in-Possession, all necessary motions, answers, orders, reports and other legal papers in connection with the administration of the Debtor’s estate; and (d) perform any and all other legal services for the Debtor, as Debtor-in-Possession, in connection with this Chapter 11 case and the formulation and implementation of the Debtor's Chapter 11 Plan. McClain Law Group PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael W. McClain, Esq. MCCLAIN LAW GROUP, PLLC 6008 Brownsboro Park Blvd., Ste. G Louisville, KY 40207 Telephone: (502) 589-1004 Facsimile: (888) 210-0145 E-mail: mmcclain@mcclainlawgroup.com About CLNG Homes CLNG Homes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03106) on September 5, 2025, listing up to $50,000 in assets and liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. CRANE ENTERPRISES: Taps Compass Greater NY as Real Estate Broker ---------------------------------------------------------------- Crane Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Compass Greater NY LLC as real estate broker. The Debtor needs a broker to market and sell its real property located at 360 Shore Road, Apt., 8L, Long Beach, New York. The firm will receive a commission of 3 percent of the property's sale price. Kelly Forman, a real estate agent at Compass, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kelly Forman Compass Greater NY LLC 298 Merrick Road Rockville Centre, NY 11570 About Crane Enterprises LLC Crane Enterprises LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10405) on March 4, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge David S Jones handles the case. Brett Silverman, Esq., at Silverman Law PLLC represents the Debtor as counsel. CUBIC CORP: BlackRock Debt Marks $3.01MM Loan at 48% Off -------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $3,017,000 loan extended to Cubic Corporation to market at $1,562,582 or 52% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a Term Loan B to Cubic Corporation. The loan accrues interest at a rate of 8.84% (3-mo. CME Term SOFR at 0.75% Floor + 4.51%) per annum. The loan matures on May 25, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended (the 1940 Act ), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone: (800) 882-0052 Cubic Corporation is an American public transportation and defense corporation. It operates two business segments: Cubic Transportation Systems and Cubic Mission and Performance Solutions. CUBIC CORP: BlackRock Debt Marks $614,000 Loan at 48% Off --------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $614,000 loan extended to Cubic Corporation to market at $317,000 or 52% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a Term Loan C to Cubic Corporation. The loan accrues interest at a rate of 8.84% (3-mo. CME Term SOFR at 0.75% Floor + 4.51%) per annum. The loan matures on May 25, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended (the 1940 Act ), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone: (800) 882-0052 Cubic Corporation is an American public transportation and defense corporation. It operates two business segments: Cubic Transportation Systems and Cubic Mission and Performance Solutions. CUSTOM CONCRETE: Seeks Approval to Tap W. E. Stevens as Accountant ------------------------------------------------------------------ Custom Concrete Designs, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ W. E. Stevens, PC as accountant. The firm will prepare financial reports, monthly operating reports, develop financial projections for the plan of reorganization, accounting, auditing, oversite of bookkeeping, and tax assistance. The firm will be paid at these hourly rates: William Stevens, Senior CPA $450 Jing Knauss, Senior Manager $275 Denise Brown, Bookeeping Manager $240 Iskra Kunc, Bookkeeper $180 The firm will request a retainer of $4,500 and $1,500 per month commencing October 1, 2025. William Stevens, CPA disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William E. Stevens, CPA W. E. Stevens, PC 16850 Frances Street, Ste. 100 Omaha, NB 68130 About Custom Concrete Designs Custom Concrete Designs Inc., operating as CCD Enterprises, is an Omaha, Nebraska-based concrete contractor specializing in custom concrete design and installation services. The company provides specialized concrete solutions for residential and commercial projects from its headquarters at 1804 Paul Street in Omaha. Custom Concrete Designs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-80700) on July 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor tapped Bruce C. Barnhart, Esq. as counsel and W. E. Stevens, PC as accountant. DAWN BIDCO: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to Minneapolis-based Dawn Bidco LLC (d/b/a Dayforce Inc.), reflecting both its high leverage (pro forma for transaction) and its relatively large scale and strong recurring revenue base. At the same time, S&P assigned its 'B-' issue-level rating and '3' recovery rating to the company's proposed $5.5 billion first-lien term loan due 2033 and $500 million revolving credit facility due 2031. The stable outlook reflects Dayforce's consistent operating profitability, highly recurring revenue (stemming from its cloud-based HCM platform), and our expectation it will continue to expand its revenue base while modestly improving its gross margins over the next 12-24 months. Dayforce Inc., a human capital management (HCM) solutions provider owned by Thoma Bravo, entered into a definitive agreement to acquire Dayforce Inc. Dawn Bidco LLC will conduct business as Dayforce. The $12.3 billion purchase price will be funded with sponsor-provided equity and $5.5 billion of debt which places the company's S&P Global Ratings-adjusted leverage at 10x as of its most recent 10-Q filing (June 30, 2025) and S&P expects leverage will remain elevated at more than 8x through 2026. S&P said, "The rating reflects our expectation for S&P Global Ratings-adjusted leverage in the 8x-9x range for the 12 months following the close of the transaction. Pro forma for the transaction, we expect Dayforce's S&P Global Ratings-adjusted leverage at about 10x using the 12-months ended June 30, 2025 results. We expect the company will improve its leverage to the high-8x and 7x areas over the course of fiscal years 2026 and 2027, respectively, as it continues to expand its revenue and EBITDA. Furthermore, our rating is supported by Dayforce's ongoing expansion in the HCM market (market share in the mid-single digit percent area), high retention rates, low customer concentration, established track record of strong revenue and free operating cash flow (FOCF) growth, as well as its stable operating margins and bookings, which provide a high level of visibility into its fiscal-year 2026 operating performance. "Thoma Bravo's acquisition has left Dayforce with a substantial debt load and significant interest expense burden. The company's cash flow metrics are heavily constrained by its annual interest expense, which we estimate at about $350 million. We project EBITDA interest coverage ratio will be 1.5x at close improving to 1.8x in 2026, compared to 12x as of June 2025. We also project the company will generate FOCF of about $160 million in fiscal year 2026, which is down substantially from our previous forecast of over $250 million. Dayforce's elevated debt and interest burden, stemming from the acquisition, lead us to forecast S&P Global Ratings-adjusted FOCF to debt of just 3% in 2026 and about 4% in 2027. These level compares with our pre-acquisition projections for FOCF to debt of over 40% in 2026 and 70% in 2027. Our negative one notch comparable rating analysis modifier to our stand-alone credit profile on Dayforce reflects its very high initial leverage and weaker cash flow metrics relative to those of its peers we rate in the 'B' category. We anticipate the transaction will close in the first quarter of 2026, at which time we expect to withdraw our existing ratings on Dayforce Inc. "Our business risk profile assessment is supported by its relatively larger scale and strong recurring revenue base. With revenue of $1.85 billion for the 12 months ended June 2025, which represents a 20% overall compound annual growth rate (CAGR) since 2020 (including a 26% CAGR in its recurring segment), Dayforce operates at a relatively larger scale than other pure-play HCM vendors. The company grew its bookings by 40% YoY in first half of 2025, which we anticipate will support a double-digit percent expansion in its revenue in 2026. Management's decision to transition to a subscription-based payment model will enable it to ramp up the revenue from its contracts shortly after signing them and before the projects goes live, which will support a more-rapid increase in its recurring revenue base. The company's increasing recurring revenue base, high customer retention rates (in the high-90% area), and annual contract value (ACV) backlog provide good visibility into its revenue over the next 18 months. Dayforce continues to transition its revenue mix toward its cloud-based services, its recurring revenue expanded by 15% year over year in the first half of 2025 and now account for almost 70% of its total revenue. We expect this trend will continue and supporting modest improvements in the company's gross margins." Profitability will likely improve on a continued shift toward high-margin recurring cloud revenue and operational efficiencies. Dayforce recurring revenue (excluding float) grew at a CAGR of over 25% from 2018 to 2024, accounting for 66% of 2024 revenues. The company has also improved the gross margin on its recurring revenue in recent years by expanding its scale and sustaining strong customer retention. Dayforce's strong customer retention is reflected in continued expansion of its bookings from existing customers. Additionally, the proportion of the company's new bookings that include the full Dayforce suite has risen in recent quarters, which has further benefitted its operating leverage. Year-to-date as of June 2025, 90% of Dayforce's Enterprise segment new bookings and around 70% of Dayforce's Majors segment new bookings included the full suite. Combined with management's initiatives to reduce costs--including reduce its general and administrative (G&A) expenses and R&D expenditure—S&P expects this strategy will support a robust expansion in the company's EBITDA and lead to S&P Global Ratings-adjusted EBITDA margins of 29% in 2026 and 33% in 2027. S&P said, "The company's float balance, which refers to invested customer funds generating float revenue, averaged $5.1 billion for the quarter ending June 30, 2025, and we anticipate it will expand this figure as it covers an increasing number of employees. While float revenue can be volatile, especially amid periods of low interest rates or high unemployment, we expect its share of Dayforce's total revenue will decline as the business expand. However, we believe the company would likely still generate healthy margins on a rising float balance even if its yields soften. "We expect Dayforce to further expand its customer base as it increasingly penetrates its global addressable markets. During the six months ended June 2025, the company increased its recurring revenue (excluding float) by approximately 10% to $700 million on strong momentum in its large enterprise customer wins, an expansion in its recurring revenue per customer, and robust add-on module sales to existing clients. Given its strong focus on payroll, tax, and compliance, we expect Dayforce will continue to win clients with a high percentage of front-line workers and complicated needs. The company's HCM platform enables its customers to reduce their subscriptions and simplify tasks. Given its currently small market share, we expect Dayforce has significant runway for expansion. Moreover, following its introduction of add-on modules, the company expanded its add-on module sales to existing customers to about 40% of its total bookings in the third quarter, which is up from about 37% as of year-end 2024. We believe Dayforce's recurring cloud revenue is less volatile because it generally stems from enterprise business customers under multiyear contracts that entail high customer switching costs." The competitive HCM landscape features both smaller and larger competitors, some of which (ADP, Workday, Oracle, and SAP) have significantly greater resources than Dayforce. However, the level of competition varies depending on the customer's scale and geographic presence because certain vendors choose to focus on enterprise customer while others compete further down market. S&P said, "We view Dayforce's strength to be in the mid-market and enterprise segments, where its unified platform and strong compliance capabilities differentiate its offerings, though its premium positioning may limit its competitiveness in the price-sensitive small- and mid-size business (SMB) market. In the enterprise segment, the company competes primarily with ADP, UKG, and Workday. In the SMB space, we view Dayforce's principal competitors to be ADP, Paychex, Paycom, and Paylocity. However, the competitive dynamics in this area are more challenging than in the mid-market, given SMB's elevated focus on price, which negatively affects Dayforce because its offerings are perceived as more premium." The stable outlook reflects Dayforce's consistent operating profitability, highly recurring revenue (stemming from its cloud-based HCM platform), and our expectation it will continue to expand its revenue base while modestly improving its gross margins over the next 12-24 months. S&P could downgrade Dayforce over the next 12 months if S&P believes its capital structure is unsustainable because an increase in its leverage leading it to generate breakeven FOCF. This could occur if: -- The company generates weaker-than-expected revenue on depressed demand leading to EBITDA interest coverage ratio well below 1.5x; -- Competitive pressures intensify and lead to customer attrition; -- It experiences business disruptions because of its cost-savings plan, leading it to generate break-even FOCF after its mandatory principal and equity payments; or -- Management engages in debt-funded acquisitions or shareholder returns that increase its leverage and hamper its FOCF generation. S&P said, "Although unlikely in the next 12 months, we could raise our rating on Dayforce if it sustains leverage of below 7.5x and maintains FOCF to debt, after mandatory principal payments and non-discretionary equity spending, in the mid-single digit percent area. Before raising our ratings, we would also need to believe the company's financial sponsors are committed to maintaining its leverage at this level." DERBY MOBILE: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Derby Mobile Home Park, LLC Desert Oasis RV Park 403 N 4th St Eunice, NM 88231 Business Description: Derby Mobile Home Park, LLC, doing business as Desert Oasis RV Park, operates a mobile home and recreational vehicle park located at 403 North 4th Street in Eunice, New Mexico. The Company provides space rentals and related amenities for long-term and short-term tenants in the southeastern New Mexico region. Chapter 11 Petition Date: September 24, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-90253 Debtor's Counsel: Reese Baker, Esq. BAKER & ASSOCIATES 950 Echo Ln Ste 300 Houston TX 77024-2824 E-mail: courtdocs@bakerassociates.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brian Tanner as sole owner and president. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D3BW2AY/Derby_Mobile_Home_Park_LLC__txebke-25-90253__0001.0.pdf?mcid=tGE4TAMA DIGITAL ALLY: Closes $750K Convertible Note and Warrant Financing ----------------------------------------------------------------- Digital Ally, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into and consummated the initial closing of the transactions contemplated by a Securities Purchase Agreement, dated as of September 15, 2025, between the Company and a certain investor. At the First Closing, the Company issued and sold to the Purchaser Senior Secured Convertible Notes in the aggregate original principal amount of $806,451.61 and warrants. The Purchase Agreement provided for seven percent (7%) original interest discount resulting in gross proceeds to the Company of $750,000. Interest on the note is eight percent (8%). The Warrants are exercisable for an aggregate 476,569 shares at an exercise price of $2.124 per share of the Company's common stock, par value $0.001 per share. Subject to applicable limitations as set forth in the Purchase Agreement, the Warrants have an initial exercise date of September 15, 2025, and a termination date on the five-year anniversary of the initial exercise date. Subject to certain conditions, within two (2) business days from the effectiveness date of the registration statement required under the Purchase Agreement, and while the Notes remain outstanding, the Purchaser and the Company will consummate a second closing of an aggregate of $250,000 of Notes and Warrants on the same terms and conditions as the First Closing. The Notes are convertible into shares of Common Stock at the election of the Purchaser at any time at a conversion price at a ten percent (10%) discount to the volume weighted average price in the five (5) day period prior to the date of closing per share of Common Stock. The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for, Common Stock at a price below the then-applicable Conversion Price (subject to certain exceptions). Subject to certain conditions, including certain equity conditions, the Company may redeem some or all of the then outstanding principal amount of the Note for cash in an amount equal to one hundred ten percent (110%) of the outstanding principal amount of the Notes. The Notes rank senior to all outstanding and future indebtedness of the Company and its subsidiaries, other than: (i) TicketSmarter, Inc., which shall grant a second priority security interest, and (ii) Digital Ally Healthcare, Inc. and Nobility Healthcare, LLC, each of which shall not grant a security interest, and are secured by substantially all of the Company's assets, as evidenced by: (i) a Security Agreement entered into at the Closing, (ii) a Trademark Security Agreement entered into at the Closing, (iii) a Patent Security Agreement entered into at the Closing, and (iv) a Guaranty executed by all direct and indirect subsidiaries of the Company, other than Digital Ally Healthcare, Inc. and Nobility Healthcare, LLC, pursuant to which each of them has agreed to guaranty the obligations of the Company under the Notes. Also at the Closing, the Company entered into a Registration Rights Agreement with the Purchaser. Pursuant to the terms of the Registration Rights Agreement, the Company has agreed to prepare and file with the U.S. Securities and Exchange Commission within the 30th business day following the First Closing a registration statement covering the resale of the shares of Common Stock issuable upon conversion of the Notes and exercise of the Warrants, and to use its best efforts to cause such Registration Statement to be declared effective under the Securities Act of 1933, as amended, as promptly as possible, but in any event no later than sixty (60) days following the Filing Date. If the Registration Statement is not filed by the Filing Date or is not declared effective by the Effectiveness Date, or under certain other circumstances described in the Registration Rights Agreement, then the Company shall be obligated to pay, as partial liquidated damages, to Purchaser an amount in cash equal to two percent (2%) of the original principal amount of the Notes each month until the applicable event giving rise to such payments is cured. If the Company fails to pay any partial liquidated damages in full within seven (7) days after the date payable, the Company will pay interest thereon at a rate of ten percent (10%) per annum. Also at the Closing, the Company entered into a Leak-Out Agreement with Purchaser. Pursuant to the terms of the Leak-Out Agreement, during the Leak Out Period, as defined in the Leak-Out Agreement, on any trading day, the Holder will not sell, dispose, or otherwise transfer, in the aggregate, more than twenty percent (20%) of the composite daily trading volume of the Common Stock as reported by Bloomberg, LP. The foregoing summaries provide only a brief description of the Notes, the Warrants, the Purchase Agreement, the Security Agreement, the Trademark Security Agreement, the Patent Security Agreement, the Guaranty the Registration Rights Agreement, and the Leak-Out Agreement. About Digital Ally Digital Ally Inc. operates across three segments: Video Solutions, Revenue Cycle Management, and Entertainment. The Video Solutions unit provides video recording systems, cloud services, and safety products for law enforcement and commercial clients. The Revenue Cycle Management segment offers financial and administrative support services to healthcare providers, helping manage billing and back-office operations. Its Entertainment division manages ticket resale through TicketSmarter and produces live events, including music festivals. In an auditor's report dated May 2, 2025, RBSM LLP, issued a "going concern" qualification, noting that the Company has incurred substantial operating losses and will need additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $25.96 million in total assets, $17.81 million in total liabilities, and a total equity of $8.14 million. DIGITAL ALLY: Secures $25M Equity Financing With ELOC Investor -------------------------------------------------------------- Digital Ally, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Common Stock Purchase Agreement, with a certain investor, providing for a committed equity financing facility, pursuant to which, upon the terms and subject to the satisfaction of the conditions contained in the ELOC Purchase Agreement, the ELOC Investor has committed to purchase, at the Company's direction in its sole discretion, up to an aggregate of $25,000,000 of the shares of the Company's Common Stock, subject to certain limitations set forth in the ELOC Purchase Agreement, from time to time during the term of the ELOC Purchase Agreement. Concurrently with the execution of the ELOC Purchase Agreement, the Company and the ELOC Investor also entered into a Registration Rights Agreement, dated as of September 15, 2025, pursuant to which the Company agreed to file with the SEC one or more registration statements, to register under the Securities Act, the offer and resale by the ELOC Investor of all of the Purchase Shares that may be issued and sold by the Company to the ELOC Investor from time to time under the ELOC Purchase Agreement. Sales of Purchase Shares by the Company to the ELOC Investor under the ELOC Purchase Agreement, if any, may occur, from time to time at the Company's sole discretion, over a period commencing upon the initial satisfaction of all conditions to the ELOC Investor's purchase obligations set forth in the ELOC Purchase Agreement, including that the initial Registration Statement the Company is required to file with the SEC pursuant to the Registration Rights Agreement is declared effective by the SEC, and ending on the first day of the month next following the 36-month anniversary of the Closing Date, unless the ELOC Purchase Agreement is terminated earlier under its terms. From and after the Commencement Date, the Company will have the right, but not the obligation, from time to time at the Company's sole discretion, to direct the ELOC Investor to purchase amounts of Purchase Shares that are specified by the Company to the ELOC Investor in writing, subject to certain maximum amounts calculated pursuant to the ELOC Purchase Agreement. The purchase price per share to be paid by the ELOC Investor for Purchase Shares that the Company may elect to sell to the ELOC Investor will be equal to 92% of lowest daily trade price during a three day valuation period of the Common Stock immediately following the date that the purchase notice with respect to the particular ELOC Agreement Purchase is timely delivered from the Company to the ELOC Investor. The Company may deliver an ELOC Purchase Notice to the Investor on any trading day selected by the Company, provided however, an ELOC Purchase Notice may not be delivered within twenty-four (24) hours of the previous ELOC Purchase Ending Time, as defined in the ELOC Purchase Agreement. After an ELOC Agreement Purchase, the Company may only make a subsequent ELOC Agreement Purchase within the ELOC Purchase Valuation Period, as defined in the ELOC Purchase Agreement, if the aggregate daily trading volume exceeds 300% of the initial ELOC Purchase Share Amount. The maximum number of Purchase Shares that may be required to be purchased pursuant to a ELOC Agreement Purchase Notice will be (A) such number of shares of Common Stock equal to the lowest of (i) 75% of the average daily trading volume over the five (5) trading days before the date of the ELOC Purchase Notice, (ii) 25% of the daily trading volume on the date of the ELOC Purchase Notice, and (iii) $600,000 divided by the last closing price on the applicable date of the ELOC Purchase Notice, or (B) if the aggregate daily trading volume exceeds 1000% of the initial ELOC Purchase Share Amount, as defined in the ELOC Purchase Agreement, then such number of shares of Common Stock equal to 600% of the number of shares of Common Stock in (A). There are no upper limits on the price per share that the Investor must pay for Purchase Shares the Company directs the ELOC Investor to purchase in a ELOC Agreement Purchase under the ELOC Purchase Agreement. The purchase price per Purchase Share that the Company directs the ELOC Investor to purchase in a ELOC Agreement Purchase under the ELOC Purchase Agreement will be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction during the period used to determine the purchase price to be paid by the ELOC Investor for such shares in such ELOC Agreement Purchase. The ELOC Investor has no right to require the Company to sell any Purchase Share to the ELOC Investor, but the ELOC Investor is obligated to make purchases of Purchase Shares as directed by the Company, subject to the satisfaction of conditions set forth in the ELOC Purchase Agreement at Commencement and thereafter at each time that the Company may direct the ELOC Investor to purchase the Purchase Shares under the ELOC Purchase Agreement. Actual sales of Purchase Shares by the Company to the ELOC Investor under the ELOC Purchase Agreement, if any, will depend on a variety of factors to be determined by the Company in its sole discretion from time to time, including, among others, market conditions, the trading price of the Common Stock and determinations by the Company as to the appropriate sources of funding for the Company and its operations. The Company may not issue or sell any shares of its Common Stock to the ELOC Investor under the ELOC Purchase Agreement which, when aggregated with all other shares of Common Stock then beneficially owned by the ELOC Investor and its affiliates (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 promulgated thereunder), would result in the ELOC Investor beneficially owning more than 4.99% of the outstanding shares of the Common Stock. Under the applicable rules of the Nasdaq Capital Market, in no event may the Company issue to the ELOC Investor and any of its affiliates under the ELOC Purchase Agreement, or otherwise, more than 345,311 shares of Common Stock, which number of shares represents 19.99% of the shares of the Common Stock outstanding immediately prior to the execution of the Purchase Agreement (the "Exchange Cap"), unless the Company obtains stockholder approval to issue shares of Common Stock to the ELOC Investor and any of its affiliates in excess of the Exchange Cap under the Purchase Agreement, or otherwise, and in accordance with applicable Nasdaq CM listing rules. The Exchange Cap will not be applicable to limit the number of shares of Common Stock that the Company may sell to the ELOC Investor in any ELOC Agreement Purchase that the Company effects pursuant to the ELOC Purchase Agreement (if any), to the extent the purchase price per share paid by the ELOC Investor for the shares of Common Stock in such ELOC Agreement Purchase is equal to or greater than the greater of book or market value of the Common Stock (calculated in accordance with the applicable listing rules of the Nasdaq CM) at the time the Company delivers the ELOC Agreement Purchase Notice for such ELOC Agreement Purchase to the ELOC Investor, adjusted as required by the Nasdaq CM to take into account the Company's payment of the Commitment Fee (as defined below) to the ELOC Investor and the amount paid as reimbursement for the legal fees and disbursements of the ELOC Investor's counsel in connection with this committed equity financing, each as described in more detail below, and otherwise as may be necessary to ensure compliance with the applicable rules of the Nasdaq CM. In any event, the ELOC Purchase Agreement specifically provides that the Company may not issue or sell any shares of Common Stock under the ELOC Purchase Agreement if such issuance or sale would breach any applicable rules or regulations of Nasdaq CM. The net proceeds from sales, if any, under the ELOC Purchase Agreement to the Company will depend on the frequency and prices at which the Company sells shares of its Common Stock to the ELOC Investor. The proceeds from any sales, if any, will be used by the Company in the manner as will be set forth in the prospectus included in any registration statement filed pursuant to a registration rights agreement. There are no restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the ELOC Purchase Agreement or ELOC Registration Rights Agreement, other than: (i) a prohibition (with certain limited exceptions) on the Company entering into specified "Variable Rate Transactions" (as such term is defined in the ELOC Purchase Agreement), and (ii) a prohibition during the ELOC Agreement Purchase Valuation Period (as defined in the ELOC Purchase Agreement), to (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents (as defined in the ELOC Purchase Agreement) or (ii) file any registration statement or any amendment or supplement thereto, in each case other than as contemplated pursuant to the ELOC Registration Rights Agreement. Such Variable Rate Transactions include, among others, the issuance of convertible securities with a conversion or exercise price that is based upon or varies with the trading price of the Common Stock after the date of issuance, or the Company effecting or entering into an agreement to effect an "equity line of credit," an "at the market offering" or other similar continuous offering with a third party, in which the Company may offer, issue or sell Common Stock or any securities exercisable, exchangeable or convertible into Common Stock at future determined prices. Subject to certain exceptions set forth in the ELOC Purchase Agreement such restrictions shall remain in effect for a period commencing on the Closing Date and ending on first day of the month next following the 36-month anniversary of the Closing Date. During the term of the ELOC Purchase Agreement, the ELOC Investor covenanted not to enter into or effect, in any manner whatsoever, directly or indirectly, any short sales of the Common Stock or hedging transaction which establishes a net short position with respect to the Common Stock. As consideration for the ELOC Investor's commitment to purchase the Purchase Shares upon the terms of and subject to satisfaction of the conditions set forth in the Purchase Agreement, including a commitment fee equaling to 3.0% of the Total Commitment, which will be paid: (i) in shares of Common Stock equal to 19.99% of the shares of Common Stock outstanding on the date of execution of the ELOC, with the value per share to be based on the 5-day VWAP beginning on the date the resale registration statement is declared effective, subject to certain ownership limitations, and (ii) the balance, in cash using the 30% of the proceeds from any subsequent financings, including the ELOC. In addition, as required under the ELOC Purchase Agreement, the Company has reimbursed the ELOC Investor for the reasonable legal fees and disbursements of the ELOC Investor's legal counsel in the amount of $30,000. The ELOC Purchase Agreement will automatically terminate upon the earliest of: (i) the first day of the month next following the 36-month anniversary of the Closing Date, (ii) the ELOC Investor's purchase of Purchase Shares having an aggregate purchase price equal to Total Commitment under the ELOC Purchase Agreement, or (iii) the occurrence of certain other events set forth in the ELOC Purchase Agreement. The Company has the right to terminate the ELOC Purchase Agreement at any time after Commencement, at no cost or penalty, upon five (5) trading days' prior written notice to the ELOC Investor, subject to certain conditions and the survival of certain provisions of the ELOC Purchase Agreement and the ELOC Registration Rights Agreement. The ELOC Investor may terminate the ELOC Purchase Agreement upon five (5) trading days' prior written notice after the occurrence of certain events, including the occurrence of a Material Adverse Effect or a Fundamental Transaction (as such terms are defined in the ELOC Purchase Agreement) or upon the occurrence of certain other events as set forth in the ELOC Purchase Agreement. Neither the Company nor the ELOC Investor may assign or transfer their respective rights and obligations under the ELOC Purchase Agreement, and no provision of the ELOC Purchase Agreement or the ELOC Registration Rights Agreement may be modified or waived by the Company or the ELOC Investor. The ELOC Purchase Agreement and the ELOC Registration Rights Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties. About Digital Ally Digital Ally Inc. operates across three segments: Video Solutions, Revenue Cycle Management, and Entertainment. The Video Solutions unit provides video recording systems, cloud services, and safety products for law enforcement and commercial clients. The Revenue Cycle Management segment offers financial and administrative support services to healthcare providers, helping manage billing and back-office operations. Its Entertainment division manages ticket resale through TicketSmarter and produces live events, including music festivals. In an auditor's report dated May 2, 2025, RBSM LLP, issued a "going concern" qualification, noting that the Company has incurred substantial operating losses and will need additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $25.96 million in total assets, $17.81 million in total liabilities, and a total equity of $8.14 million. DIOCESE OF ALBANY: Hartford Appeals Ruling on Bankruptcy Standing ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Hartford Accident and Indemnity Co. is seeking permission to appeal a Northern District of New York bankruptcy court ruling that denied it standing to challenge clergy sex abuse claims filed in the Chapter 11 of the Roman Catholic Diocese of Albany. The insurer contends the ruling runs counter to recent U.S. Supreme Court precedent. In its September 23, 2025 filing, Hartford asked the court to allow an immediate appeal of the decision on its "party in interest" status, the report states. About Roman Catholic Diocese of Albany, New York The Roman Catholic Diocese of Albany is a religious organization in Albany, N.Y. It covers 13 counties in Eastern New York, including a portion of the 14th county. Its Mother Church is the Cathedral of the Immaculate Conception in the city of Albany. New York's Child Victims Act, which took effect in August 2019, temporarily sets aside the usual statute of limitations for lawsuits to give victims of childhood sexual abuse a year to pursue even decades-old claims. Hundreds of new lawsuits have been filed against churches and other institutions since the law took effect on Aug. 14, 2019. Facing the financial weight of new sexual misconduct lawsuits, at least four of the eight Roman Catholic dioceses in the state, has already sought Chapter 11 protection. The dioceses that have declared bankruptcy include the Diocese of Rochester and the Diocese of Rockville Centre on Long Island. The Catholic Diocese of Albany sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on March 15, 2023. In the petition filed by Fr. Robert P. Longobucco, the Debtor estimated assets between $10 million and $50 million and liabilities between $50 million and $100 million. Judge Robert E. Littlefield, Jr. oversees the case. The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel; Tobin and Dempf, LLP as special litigation counsel; Keegan Linscott & Associates, PC as financial advisor; and Bonadio & Co., LLP as accountant. Donlin, Recano & Company, Inc. is the claims and noticing agent. On April 17, 2023, the U.S. Trustee for Region 2 appointed two separate committees to represent unsecured creditors and tort claimants in the Debtor's Chapter 11 case. The unsecured creditors' committee tapped Lemery Greisler, LLC as legal counsel; Dundon Advisors, LLC as financial advisor; and OneDigital Investment Advisors, LLC as special investment consultant. Stinson, LLP and OneDigital Investment Advisors serve as the tort committee's legal counsel and special investment consultant, respectively. DIOCESE OF BUFFALO: Jones Day's Hiring in Ch. 11 Case Pushed Back ----------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on Thursday, September 25, 2025, a New York bankruptcy judge deferred the Roman Catholic Diocese of Buffalo's request to retain Jones Day for nonprofit-related legal issues, as the debtor works against an October 1, 2025 deadline to propose a Chapter 11 plan backing a $272.5 million settlement. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DRAGONFLY PRIMARY: Final Cash Collateral Hearing Set for Sept. 29 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, is set to hold a hearing on September 29 to consider final approval of Dragonfly Primary Care, LLC's motion to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's latest interim order expires on September 29. The interim order issued on September 16 authorized the Debtor to use up to $50,000 in cash collateral to fund operations in accordance with its budget. As adequate protection to Huntington National Bank for any diminution in its pre-bankruptcy secured interest, the interim order granted the bank replacement liens on property acquired by the Debtor after its Chapter 11 filing that is similar to the bank's pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. About Dragonfly Primary Care Dragonfly Primary Care, LLC provides comprehensive primary care services for patients of all ages in Indianapolis, Indiana, including preventive care, urgent care, chronic disease management, mental health support, and in-house laboratory services. The clinic offers same-day visits and flexible scheduling to accommodate patient needs. It focuses on individualized, evidence-based medical care. Dragonfly Primary Care filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05537) on September 12, 2025, with $288,594 in assets and $1,461,850 in liabilities. Caleb Wiles, practice manager of Dragonfly Primary Care, signed the petition. Judge James M. Carr presides over the case. Thomas C. Scherer, Esq., at Dentons Bingham Greenebaum represents the Debtor as legal counsel. DRAGONFLY PRIMARY: Hires Dentons Bingham Greenebaum as Counsel -------------------------------------------------------------- Dragonfly Primary Care LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Dentons Bingham Greenebaum LLP as counsel. The firm will render these services: (a) prepare motions, pleadings, and applications, and conduct examinations incidental to administration; (b) advise regarding the Debtor of its rights, duties, obligations as the Debtor; (c) perform legal services incidental and necessary to the day-to-day operations of the business; (d) negotiate, prepare, confirm and consummate a plan of reorganization or other means of resolving the issues in this case; and (e) take any and all other necessary action incident to the proper preservation and administration of the estate in the conduct of the Debtor's business. The firm's attorneys will be paid at these hourly rates: Thomas Scherer, Esq. $400 Whitney Mosby, Esq. $400 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $20,000 from the Debtor. Mr. Scherer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas C. Sherer, Esq. Dentons Bingham Greenebaum LLP 10 West Market Street, Suite 2700 Indianapolis, IN 46204 Telephone: (317) 635-8900 Email: Thomas.scherer@dentons.com About Dragonfly Primary Care Dragonfly Primary Care, LLC provides comprehensive primary care services for patients of all ages in Indianapolis, Indiana, including preventive care, urgent care, chronic disease management, mental health support, and in-house laboratory services. The clinic offers same-day visits and flexible scheduling to accommodate patient needs. It focuses on individualized, evidence-based medical care. Dragonfly Primary Care filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05537) on September 12, 2025, with $288,594 in assets and $1,461,850 in liabilities. Caleb Wiles, practice manager of Dragonfly Primary Care, signed the petition. Judge James M. Carr presides over the case. Thomas C. Scherer, Esq., at Dentons Bingham Greenebaum represents the Debtor as legal counsel. DW TRUMP: Unsecured Creditors to Get Nothing in Plan ---------------------------------------------------- DW Trump, Inc. submitted a Third Amended Disclosure Statement describing Third Amended Plan of Reorganization dated September 16, 2025. Subsequent to the filing of this Third Amended Disclosure Statement, the Secured Lender, through Counsel of record in this Bankruptcy Case, represented that they (Secured Lender) shall accept the proceeds from the auction sale in full satisfaction of their Claim, pursuant to the provisions of the proposed Plan. To provide funds to pay Administrative Fee and Expenses, specifically the fee due to the United States Trustee upon the sale of the Subject Premises, on June 19, 2025, Maltz has agreed to reduce its commission on the sale of the Subject Premises from $66,120.00 to $56,120.00. The Plan will be funded by funds received via the sale of real property owned by the Debtor as well as an additional cash contribution from the Purchaser of the real property sufficient to insure payment of certain defined Administrative Expenses and Priority Tax Claims. Class 2 consists of General Unsecured Claims. To the best of the Debtor's knowledge, and based upon the treatment of claims as contained in the within Disclosure statement, General Unsecured Claims are represented as $18,398.72, exclusive of the unsecured portion of the Secured Creditor's Claim after receipt of the proceeds realized by the sale. In that the recognized Claim of the Secured Creditor was established as $1,453,507.28 and the proceeds from the auction sale were $1,102,000.00, the Secured Creditor has an unsecured Claim in the amount of $353,507.28. As the amount realized from the sale of the Subject Premises is less than the amount due on the Claim, General Unsecured Claims will not receive payment. Notwithstanding the foregoing, the Secured Creditor has represented that it will be voting to Confirm the Plan. Class 2 is impaired. Payments and distributions under the Plan will be funded by the. Sale of the Subject Premises and a contribution (via a reduction of the real estate commission). Post-confirmation, the Debtor will continue to be managed by Ephraim Weissmandl. To the extent necessary, said Barry D. Haberman, Esq. will act as disbursing agent. A bond will not be required. The disbursing agent(s) shall maintain all accounts at banking institutions that are authorized depository institutions in the Southern District of New York. A full-text copy of the Third Amended Disclosure Statement dated September 16, 2025 is available at https://urlcurt.com/u?l=xNrSYs from PacerMonitor.com at no charge. Counsel to the Debtor: Barry D. Haberman, Esq. The Law Office of Barry D. Haberman 254 South Main Street, #404 New City, NY 10956 Tel: (845) 638-4294 Email: bdhlaw@aol.com About DW Trump DW Trump is primarily engaged in renting and leasing real estate properties. DW Trump, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22083) on Jan. 31, 2024, with $1 million to $10 million in both assets and liabilities. Ephriam Weismandl, DW Trump treasurer, signed the petition. Judge Sean H. Lane oversees the case. The Debtor is represented by Barry D. Haberman, Esq., at The Law Office of Barry D. Haberman. EARLY AMERICAN: Seeks to Tap Steidl and Steinberg as Legal Counsel ------------------------------------------------------------------ Early American Pittsburgh, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Steidl and Steinberg, PC to handle its Chapter 11 case. Christopher Frye, Esq., the primary attorney in this representation, will be billed at his hourly rate of $350 plus out-of-pocket expenses. The firm received a retainer of $5,762 plus the filing fee of $1,738 from the Debtor prior to the filing of the Chapter 11 case. Mr. Frye disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher M. Frye, Esq. Steidl & Steinberg, PC Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Early American Pittsburgh Early American Pittsburgh, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22453) on Sept. 12, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Christopher M. Frye, Esq., at Steidl & Steinberg, PC serves as the Debtor's counsel. EFS COGEN I: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed EFS Cogen Holdings I LLC (Linden) Issuer Default Rating (IDR) and senior facilities at 'BB-' with a Stable Rating Outlook. RATING RATIONALE The BB-' rating for Linden's senior facilities reflects a Term Loan B debt structure with limited amortization, which leads to a substantial bullet at maturity, which is typical for such structures. The bullet will have to be refinanced by 2031 based on expected merchant revenues earned in the volatile New York City Zone J capacity and power markets. Financial performance is supported by steam and power contracts with creditworthy offtakers, short-term power and commodity hedges, and a favorable and sustainable competitive position from lower fuel costs than in-city peers. Under Fitch's revised rating case assumptions minimum project life coverage ratio (PLCR) is 1.26x in 2030 due to lower sweeps resulting higher debt balance at refinancing. The revised PLCR is below the indicative threshold for a 'BB-' rating and if sustained could result in a negative rating action. Fitch expects to receive timely information about actual cash-based financial and operating results and independently validated projections for performance beyond 2035. In the absence of such information, Fitch may apply additional stresses. The model currently forecasts cash flows through 2035. Linden's IDR is equalized with the debt facilities' ratings, given their equal senior position and lack of other subordinate liabilities. The IDR indicates an elevated vulnerability to default risk, particularly in the event of adverse changes in the New York City capacity and power market conditions over time. However, financial flexibility exists that supports the servicing of financial commitments during the term of the debt. KEY RATING DRIVERS Operation Risk - Midrange Proven Technology and Well-Maintained Facility: Linden utilizes General Electric's (GE) combined cycle gas turbine technology, known for its commercial reliability and proven track record. The project maintains a robust inventory of critical spare parts to minimize outage risks, ensuring continued operation throughout the debt term and beyond. The independent engineer (IE) has confirmed that the facility is well-maintained and follows GE's operational guidelines. NAES Corporation, a reputable provider of comprehensive operations and maintenance (O&M) services, operates the project under separate O&M and NERC Services Agreements, ensuring compliance with regulatory standards. Major maintenance services for Linden 1-5 are provided by General Electric International, Inc. under a long-term services agreement (LTSA), while Power Systems Mfg. LLC services Linden 6 under a similar arrangement. Although the project does not maintain O&M or major maintenance reserve accounts, a weaker feature, this risk is mitigated through the implemented O&M strategy and the availability of funds from the revolving facility. Supply Risk - Midrange Supply Flexibility at Competitive Prices: Linden benefits from several fuel supply advantages from its strategic location in New Jersey and direct access to the NYC power market. Unlike other New York generators, Linden can source natural gas from TETCO M3 and Transco Z6 NY at a cost below the city's market. Both connections meet the full demand of Linden 1-5 and provide long-term pricing flexibility. The project has a short-term commodity price hedge in place, mitigating commodity price exposure. For Linden 6, a tolling offtake agreement shifts natural gas supply risk to Phillips 66 Company, the creditworthy owner of Bayway Refinery. Revenue Risk - Composite - Weaker Reliance on Predominately Merchant Revenues: Linden will earn around 20% of revenues from power and steam offtake agreements with creditworthy counterparties: Phillips 66 Company and Infineum International Ltd. These agreements will expire in 2032 but include Linden's options to extend to 2037. The high dependency of the offtakers on Linden to provide power and steam to their co-located refinery and chemical plant acts as a mitigant to the risk of the contracts' expiry within the refinance period. Most revenue through 2035 is made up of power, market-based capacity payments and ancillary service revenues primarily in the NYISO Zone J market, exposing the project to volatile cash flows. An energy margin hedge provides some short-term revenue protection; however, Linden is exposed to basis risk because of the current hedging strategy that entails hedging power prices in NYISO, while the physical power is produced in Linden, NJ. Debt Structure - 1 - Weaker Exposure to Variable Market Rates and Refinance Risk: The seven-year tenor Term Loan B consists of variable-rate senior secured indebtedness, mandatory amortization each year equal to 1% of the initial balance and leverage-driven prepayments. The large amount of debt outstanding at debt maturity introduces significant refinance risk common for Term Loan B structures. Linden's financing includes standard lender protections. While the Term Loan B ranks equally with other facilities in the cash waterfall, the revolving facility would be satisfied on a "first out" basis upon default. Otherwise, the covenants package includes a backward-looking financial covenant test of 1.10x and a letter of credit-backed six-month debt service reserve. Financial Profile Fitch's rating case incorporates stresses to the sponsors' assumptions of merchant revenues, capacity factors and heat rates for Linden units 1-5, an increase to O&M and major maintenance costs of the entire facility and Fitch SOFR forecast. Fitch revised base and rating case to reflect lower sweeps resulting in higher debt balance at refinancing, lower capacity revenue through April 2026 and more favorable terms as a result of recent repricing of Term Loan B. A PLCR is a meaningful indicator of financial performance given the debt structure and refinance risk. Revised base case minimum PLCR is 1.91x in 2025. Revised rating case minimum PLCR is 1.26x in 2030, which is below the threshold for a 'BB-' rating and if sustained could result in a negative rating action. PEER GROUP Plains End Financing LLC (BB+/Stable) is a contracted cogeneration plant in Colorado that operates under fixed price tolling-style PPAs. It is a peaking facility with the cash flow profile susceptible to fluctuations in project dispatch and operating costs. Its average rating case coverage of 1.25x, but Fitch views the projected financial profile as acceptable at the current rating level. Actual performance has historically been above rating case levels, and management expects future stable operations through the remaining life of the debt. Fitch has privately rated other power projects that are heavily exposed to merchant price risk. Conventional power projects with partial market-based exposure or merchant tails generally fall in the 'BB' rating category. Investment grade merchant projects often include structural features to partially mitigate revenue risk and typically face less market-based exposure overall. Lower-rated merchant projects in the 'B' category often participate in less transparent or more speculative commodity markets and sometimes combine this exposure with unproven technology. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in the operational and financial profile leading to rating case PLCRs below 1.35x on a sustained basis; - Inability to achieve merchant revenues as forecast by the sponsors' market consultant leading to additional stresses in Fitch's rating case. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement in the operational and financial profile leading to rating case PLCRs above 1.50x on a sustained basis; - Inability to achieve merchant revenues as forecast by the sponsors' market consultant leading to additional stresses in Fitch's rating case. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- EFS Cogen Holdings I LLC LT IDR BB- Affirmed BB- EFS Cogen Holdings I LLC/Project Revenues & Assets - First Lien/1 LT LT BB- Affirmed BB- EKSO BIONICS: Obtains $2 Million Secured Financing From B. Riley ---------------------------------------------------------------- Ekso Bionics Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Secured Promissory Note and Security Agreement, by and among the Company, Ekso Bionics, Inc., a Delaware corporation and subsidiary of the Company, as guarantor, and B. Riley Commercial Capital, LLC, as lender. The Agreement provides for a secured term loan in an aggregate principal amount of up to $2.0 million. The proceeds of the loan under the Agreement may be used for working capital for operations and other general corporate purposes. The loan matures on the earlier of the receipt of $2.4 million in net proceeds from the sale of the equity interests of the Company from new equity investors or September 14, 2026. Borrowings under the Agreement bear interest at the rate of 10.0% per annum, which shall be payable in full on the Maturity Date. On the Maturity Date, the Company shall pay to the Lender an exit fee in the amount of 10% of the original principal amount of the loan, which shall in the aggregate be $200,000. The Company may prepay the obligations under the Agreement at any time in whole in part; provided, that the Company pays all accrued but unpaid interest on such portion of the principal prepaid, all interest that would have accrued through the Maturity Date on such principal amount prepaid and the portion of the Exit Fee applicable to such principal amount prepaid. The Lender may elect to convert the obligations under the Agreement, including the principal, interest and Exit Fee, into equity securities of the Company in connection with a Qualified Financing at the purchase price per share paid by the lead investor thereunder. The obligations under the Agreement are required to be guaranteed by the Subsidiary and secured by substantially all of the personal property of the Company and the Subsidiary. The Agreement also contains customary affirmative and negative covenants, including negative covenants limiting the ability of the Company and the Subsidiary to, among other things, incur debt, grant liens, dispose of assets, and make certain restricted payments, in each case, subject to limitations and exceptions set forth in the Agreement. The Agreement contains various customary events of default that include, among others, non-payment of principal, interest or fees, breach of covenants, inaccuracy of representations and warranties, cross defaults to certain other indebtedness, cross default to contractual obligations, occurrence of a material adverse effect, bankruptcy and insolvency events, material judgments, and events constituting a change of control, subject to thresholds and cure periods as set forth in the Agreement. Upon the occurrence and during the continuance of an event of default, the lenders may accelerate the Company's obligations under the Agreement (including the Exit Fee and all interest that would have been due on the Maturity Date) and may exercise certain other rights and remedies provided for under the Agreement, the other loan documents and applicable law. Under certain circumstances, a default interest rate will apply on all obligations during the existence of an event of default under the Agreement at a per annum rate equal to 5.00% above the otherwise applicable interest rate. The foregoing description of the Agreement is a summary and is qualified in its entirety by the terms and conditions of the Agreement, which is attached available at https://tinyurl.com/3ejyhcvc An affiliate of the Lender may in the future provide certain commercial banking, financial advisory, and investment banking services in the ordinary course of business for the Company, its subsidiaries and certain of its affiliates, for which they will receive customary fees and commissions. About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 3, 2025, citing that the Company has an accumulated deficit on December 31, 2024 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2025, Ekso Bionics Holdings had $27.3 million in total assets, $14.6 million in total liabilities, and total stockholders' equity of $12.7 million. ELETSON HOLDINGS: Revives Bid to DQ Reed Smith in Chapter 11 ------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that oil and gas shipper Eletson Holdings renewed its bid in New York bankruptcy court to disqualify Reed Smith, contending that court findings suggest the law firm's purported client doesn't exist and could be tied to fraud. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. EP WEALTH: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to EPW. At the same time, S&P assigned its 'B-' issue rating with a '3' recovery rating to its proposed $400 million term loan. The stable outlook reflects S&P's expectation that over the next 12 months, EPW will continue to grow both organically and through mergers and acquisitions (M&A), while maintaining S&P Global Ratings-adjusted debt to EBITDA of 5.0x-6.0x and EBITDA interest coverage of 3.0x-4.0x. EP Wealth Advisors LLC (EPW) is issuing a $400 million seven-year term loan B and a $100 million five-year revolving credit facility (undrawn at close). S&P expects the company to use the proceeds to pay down existing debt and finance future acquisitions. EPW is a wealth management company with $36 billion of assets under management (AUM) as of June 30, 2025. EPW operates in the fragmented registered investment advisor (RIA) space with a focus on the mass affluent and high-net-worth segments. The 'B-' rating on EPW reflects its long history of organic growth and integrated operating model, partially offset by limited scale and a monoline revenue stream. It also reflects S&P's expectation that the company will maintain leverage of 5.0x-6.0x, as measured by S&P Global Ratings-adjusted debt to EBITDA. S&P said, "EPW has grown both organically and through M&A in its 26-year history, which we expect to continue. Since 2017, EPW has seen organic net inflows at the higher end of rated peers. EPW has also actively acquired smaller wealth managers during recent years, although acquired AUM still represents a minority of overall AUM. The company's pace of growth through acquisitions has been somewhat more measured than peers. While we view the strategy as generally prudent, this has also resulted in a smaller operating scale than rated peers. The acquired RIAs operate under the single EPW brand and philosophy, which we believe positions the company well to integrate any future acquisitions and maximize economies of scale." Historically, the company's AUM growth has been supported by high client and advisor retention. It currently has 19,000 clients across 192 advisors. The company drives its net new assets primarily through internal referrals and custodial referral programs. Its AUM is well diversified by advisor and region, which S&P views positively. EPW's single source of revenue is advisory fees. As a fee-only RIA, EPW derives most of its revenue from management fees on its wealth AUM, with the blended fee rate in line with peers. S&P views the absence of earnings from value-added services and retirement assets as somewhat negative. Client portfolios are diversified across domestic and international equities, fixed income, cash, and alternatives, with the average asset allocation tending toward a 60/40 equity-to-fixed income mix. S&P said, "We forecast EPW's EBITDA margin to remain in line with similarly rated peers. EPW's S&P Global Ratings-adjusted EBITDA margins in recent years have largely been in line with similarly rated peers. A little over 50% of its costs are variable, as advisors are paid based on a revenue-sharing model. The remaining fixed costs include non-advisor pay of centralized staff, rent, technology, and marketing costs. We believe this cost structure gives the company operating leverage that could improve margins as AUM grows. "We expect EPW's S&P Global Ratings-adjusted leverage to remain 5x-6x over the next 12 months. EPW currently operates with adjusted leverage of 5.0x-6.0x, and we expect it to continue to operate within this range in the next year, given that it will use the proposed term loan of $400 million to mainly refinance current debt. We expect EBITDA interest coverage to be 3.0x-4.0x in the next 12 months, which is higher than similarly rated peers. "We expect EPW to remain financial sponsor-owned, with equity investors retaining over 40% ownership in the company. The company has a minority investment from Berkshire Partners, and management is seeking to bring on a new equity investor. However, we expect control of the operating committee to remain with the company's management. We expect the equity infusion from the new investor to bring down leverage modestly, as EPW plans to use the funds for future acquisitions. We also don't expect sizable dividends to be paid in the next few years, as the company prioritizes reinvesting cash into growing the business. "We rate EPW in line with peers like HighTower, with the lower expected leverage offsetting EPW's smaller earnings base. We compare EPW to rated wealth managers HighTower Holding LLC (B-/Stable/--), and Mariner Wealth Advisors (B-/Positive/--). While HighTower has larger EBITDA and more diversification across its AUM and business, its leverage is much higher than that of EPW. Mariner also has larger AUM, and the positive outlook reflects our expectation for its leverage to decline to 5.0x-6.0x. All three RIAs possess solid client and advisor retention and have similar margins, although the peers have pursued a more acquisitive business strategy, while EPW's business model is more integrated. "The stable outlook reflects our expectation that EPW's leverage, as measured by S&P Global Ratings-adjusted debt to EBITDA, will be 5.0x-6.0x over the next 12 months, while the company continues to grow its AUM organically and through M&A. "We could lower our ratings on EPW over the next 12 months if we view its capital structure as unsustainable, or we expect the company's liquidity position to become constrained. This could occur if unfavorable market conditions or heightened competition hurt revenue and cash flow. "We could raise the ratings over the next 12 months if the company's operations grow meaningfully in scale while it expands EBITDA and maintains or improves its margins. We could also raise the rating on EPW if leverage declines to below 5.0x and EBITDA interest coverage remains above 3.0x on a sustained basis, and we expect financial policy to support those levels." EVOLUTION ACADEMY: S&P Affirms 'B' Rating on 2010A Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings revised its outlook to stable from negative and affirmed the 'B' long-term rating on Texas Public Finance Authority Charter School Finance Corp.'s series 2010A education revenue bonds and series 2010Q taxable education revenue bonds (qualified school construction bonds--direct pay), all issued for Evolution Academy Charter School (EA). The revised outlook is based on EA's improved operating margins and stronger liquidity, despite being the result of one-time revenue received in fiscal 2024. S&P understands management has no plans to spend down reserves in fiscal 2025 or fiscal 2026 and that it expects to end both years with at least breakeven operations, which is materially better than the deficits in prior fiscal years. S&P said, "We analyzed the school's environmental, social, and governance (ESG) factors relative to its market position, financial performance, reserves and liquidity, and debt burden. Physical risks in Texas are typically elevated in service areas proximate to the Gulf of Mexico, a region that has experienced increased incidents of extreme weather such as hurricanes and flooding in recent years. Given one campus school's proximity to the gulf, we believe acute events could affect enrollment should population displacement occur or if chronic physical risk leads to lower growth. Both could affect our view of the organization's market position over time. However, the school maintains flood and hurricane insurance and its primary student base and the location of facilities in more inland areas of Houston partly mitigate these risks. We view the school's social and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our view that EA will maintain enrollment near current levels and achieve projected financial results for fiscal 2025 and fiscal 2026, with no material draws on liquidity or additional debt plans. "We could lower the rating if the school fails to achieve is projected results for fiscal years 2025 and 2026, leading to further weakening of MADS coverage, or softer liquidity levels. We could also lower the rating if enrollment materially declines, which would likely further pressure the school's budget. "We could consider a positive rating action if the school demonstrates a trend of structurally balanced operations, improved MADS coverage, and sustained liquidity at current or higher levels." EYECARE PARTNERS: BlackRock Debt Marks $471,000 Loan at 21% Off --------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $471,000 loan extended to EyeCare Partners LLC to market at $369,844 or 79% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2024 Second Out Term Loan B to EyeCare Partners LLC. The loan accrues interest at a rate of 8.84%, (6-mo. CME Term SOFR at 0.00% Floor + 1.10%, 3.71% PIK) per annum. The loan matures on November 30, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail product. FCI SAND: Committee Seeks to Tap Porter Hedges as Legal Counsel --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of FCI Sand Operations LLC and FCI South, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Porter Hedges LLP as counsel. The firm will provide these services: (a) administer the bankruptcy cases and exercise oversight with respect to the Debtors' affairs; (b) assist, advise, and represent the committee in its communications and negotiations with the Debtors and other stakeholders regarding the administration of these cases; (c) assist, advise, and represent the committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of their businesses, and any other matters relevant to these cases or the formulation of a plan; (d) assist, advise, and represent the committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens, and related contested matters; (e) assist, advise, and represent the committee with respect to the Debtors' cash collateral issues and potential postpetition financing transactions; (f) analyze the Debtors' proposed employee-compensation and critical vendor payments, and evaluate the propriety of those programs; (g) assist, advise, and represent the committee in participating in the negotiation and formulation of a disclosure statement and plan of reorganization and advise those represented by the committee of its determinations as to any plan; (h) if necessary, request the appointment of a trustee or examiner as provided for under section 1104 of the Bankruptcy Code; (i) communicate with the committee's constituents in furtherance of its responsibilities; (j) assist, advise, and represent the committee in any manner relevant to preserving and protecting the Debtors' estates and the rights of creditors; (k) assist, advise, and represent the committee regarding the evaluation of claims, preferences, fraudulent transfers, and other actions; (l) prepare on behalf of the committee all necessary legal papers; (m) appear in court and protect the interests of the committee before the court; and (n) perform all other legal services for the committee which may be necessary and proper in these cases and related proceedings. The firm will be paid at these hourly rates: Partners $565 - $1,250 Counsel $450 - $1,195 Associates $450 - $875 Staff Attorneys $340 - $535 In addition, the firm will seek reimbursement for expenses incurred. Eric English, an attorney at Porter Hedges, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric English, Esq. Porter Hedges LLP 1000 Main St., 36th Fl. Houston, TX 77002 Telephone: (713) 226-6000 About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80481) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Michelle V. Larson oversees the case. The Debtor is represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. On Aug. 21, 2025, the United States Trustee for the Bankruptcy Court for the Northern District of Texas appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Porter Hedges LLP as counsel. FCI SAND: Committee Taps Dundon Advisers as Financial Advisor ------------------------------------------------------------- The Official Committee of Unsecured Creditors of FCI Sand Operations, LLC, et al., seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Dundon Advisers LLC to serve as its financial advisor. Dundon Advisers will provide these services: (a) develop a complete understanding of the Debtors' businesses and their valuations; (b) assist in the analysis, review, and monitoring of the restructuring, sale and/or liquidation process, including an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; (c) determine whether there are viable alternative paths for the disposition of the Debtors' assets; (d) assist in valuing any bids or term sheets received for the Debtors' assets; (e) monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions that would support unsecured creditor recovery; (f) assist the Committee to analyze, classify and address claims against the Debtors and participate in estimating contingent, unliquidated, and disputed claims; (g) assist the Committee to identify, preserve, value, and monetize tax assets of the Debtors, if any; (h) advise the Committee in negotiations with the Debtors, certain of the Debtors' lenders, and third parties; (i) assist the Committee in reviewing the Debtors' current financial reports, including schedules of assets and liabilities, cash budgets, and monthly operating reports; (j) assist the Committee in reviewing historical financial information of the Debtors; (k) assist the Committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; (l) review and provide analysis of the present and any subsequent proposed debtor in-possession financing or use of cash collateral; (m) review and provide analysis of any proposed disclosure statement and chapter 11 plan and, if appropriate, assist the Committee in developing an alternative chapter 11 plan; (n) attend meetings and assist in discussions with the Committee, the Debtors, the secured lenders, the U.S. Trustee, and other parties in interest and professionals; (o) present at meetings of the Committee, as well as meetings with other key stakeholders and parties; (p) provide final review and quality assurance of all materials created by any retained financial advisor of the Committee before distributing to other professionals or Committee members; (q) perform such other advisory services for the Committee as may be necessary or proper in these proceedings that are not duplicative with work assigned to other advisors; and (r) provide testimony on behalf of the Committee as and when deemed appropriate. Dundon's current hourly rates are as follows: Principal $1,090 Managing Director $960 Senior Advisor $960 Senior Director $850 Director $755 Associate Director $650 Senior Associate $495 Associate $350 Dundon Advisers LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joshua Nahas DUNDON ADVISERS INC. Ten Bank Street, Suite 1100 White Plains, NY 10606 USA Telephone: (914) 341-1188 Facsimile: (212) 202-4437 E-mail: info@dundon.com About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80481) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Michelle V. Larson oversees the case. The Debtor is represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. FELTRIM BALMORAL: Gets Extension to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued an interim order allowing Feltrim Balmoral Estates, LLC and its affiliates to use cash collateral pending a further hearing on October 9. The order authorized the Debtors to use cash collateral, which consists of cash, deposit accounts, account receivables and proceeds from business operations, subject to compliance with the Debtors' budgets, with a 10% variance. The budget shows total operational expenses of $1,75,694.68 from September to December. As adequate protection, secured creditors Seacoast National Bank and Lynk Capital, LLC will be granted continuing and perfected replacement liens on assets similar to their pre-bankruptcy collateral, with the same priority, validity and extent as their pre-bankruptcy liens. In addition, Seacoast will continue to receive a monthly payment of $5,000. As further protection, the Debtors were ordered to keep the secured creditors' collateral insured. Seacoast is represented by: Robert A. Cooper, Esq. Hahn Loeser & Parks LLP 2400 First Street, Suite 300 Fort Myers, FL 33901 Telephone: 239-337-6730 Fax: 239-337-6701 racooper@hahnlaw.com -- and -- Daniel A. DeMarco, Esq. Hahn Loeser & Parks LLP 200 Public Square, Suite 2800 Cleveland, OH 44114 Telephone: 216-621-0150 Facsimile: 216-241-2824 dademarco@hahnlaw.com Lynk Capital is represented by: Allan E. Wulbern, Esq. Smith Hulsey & Busey One Independent Drive, Suite 3300 Jacksonville, FL 32202 (904) 359-7700 (904) 359-7708 (facsimile) awulbern@smithhulsey.com About Feltrim Balmoral Estates Feltrim Balmoral Estates, LLC owns a clubhouse located at 124 Kenny Blvd., Haines City, Fla., having a fair value of $3 million. Feltrim Balmoral Estates and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02122) on April 17, 2024. The case is jointly administered in Case No. 24-02122. In the petitions signed by Garrett Kenny, owner and manager, Feltrim Balmoral Estates disclosed $4,657,697 in assets and $16,239,519 in liabilities; The Enclave At Balmoral, LLC disclosed $5,091,844 in assets and $10,565,256 in liabilities; and Balmoral Estates, LP listed $14,327,306 in assets and $25,909,466 in liabilities. Judge Catherine Peek McEwen oversees the cases. Alberto F Gomez, Jr., Esq., at Johnson Pope Bokor Ruppel & Burns, LLP is the Debtors' legal counsel. FIVE RIVERS: Court OKs Stipulation to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California approved a stipulation allowing Scott Sackett, the court-appointed examiner for Five Rivers Land Company, LLC, to use funds that may constitute cash collateral. The order signed by Judge Scott Clarkson authorized the examiner to use the lenders' cash collateral except the proceeds from the sale of so-called processor property, one of Five Rivers' primary assets. The sale proceeds are being held by the examiner in a segregated account. In case the cash collateral used by the examiner is subject to liens held by any lender, such lender will be granted a replacement lien on any funds subsequently brought into the bankruptcy estate. The replacement lien will have the same priority and validity as the lenders' pre-bankruptcy lien and does not include any avoidance actions. The lenders asserting an interest in the cash collateral are Rabo Agrifinance, LLC, Trantexa, LLC, and the so-called Falcon Group, which includes Falcon Investments, LLC. Rabo Agrifinance is represented by: Valerie Bantner Peo, Esq. Arlen P. Moradi, Esq. Buchalter, A Professional Corporation 425 Market Street, Suite 2900 San Francisco, CA 94105-3493 Telephone: (415) 227-0900 vbantnerpeo@buchalter.com amoradi@buchalter.com Trantexa is represented by: Jacob M. Faircloth, Esq. Bluestone Faircloth & Olson, LLP 1825 Fourth Street Santa Rosa, CA 95404 Telephone: (707) 526-4250 Facsimile: (707) 526-0347 jacob@bfolegal.com Falcon Group is represented by: Allan D. Sarver, Esq. Law Office of Allan D. Sarver 16000 Ventura Boulevard, Suite 1000 Encino, CA 91436 Telephone: (818) 981-0581 Facsimile: (818) 981-0026 ADS@asarverlaw.com About Five Rivers Land Company Five Rivers Land Company, LLC is engaged in fruit and tree nut farming in Newport Beach, Calif. Five Rivers Land Company filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 23-11167) on June 6, 2023, listing between $10 million and $50 million in both assets and liabilities. Judge Theodor Albert oversees the case. The Debtor tapped Garrick A. Hollander, Esq., at Winthrop Golubow Hollander, LLP as bankruptcy counsel and Katten Muchin Rosenman, LLP as special litigation counsel. Scott M. Sacket has been appointed as examiner in the case. The examiner is represented by Sheppard, Mullin, Richter & Hampton, LLP. FRANCHISE GROUP: Sues Buyers Over Former CEO's Improper Role ------------------------------------------------------------ Randi Love reports that Franchise Group Inc. sued former executives who acquired certain American Freight assets during bankruptcy, saying the investors hired the company's former CEO Brian Kahn and breached an oral agreement related to contractual obligations. FRG, which gained court approval for its bankruptcy exit plan in April 2025, was allowed to sell about 30 AF store leases for about $1 million in January to AF Newco I LLC, led by investors including Michael Piper and Brent Turner, according to Bloomberg Law. About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. GENESIS HEALTHCARE: Warns Legal Fees Endanger Bankruptcy Process ---------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Genesis Healthcare cautioned that escalating legal fees from counsel representing the unsecured creditors' committee and patient care advocates could drive its Chapter 11 case into administrative insolvency. In a Tuesday, September 23, 2025, filing with the U.S. Bankruptcy Court for the Northern District of Texas, the nursing home operator asked that the committee clarify the division of responsibilities between Proskauer Rose LLP and Stinson LLP to prevent duplicative work, according to the report. Genesis noted the committee's professionals exhausted a $6 million budget in August alone and projected comparable fees for September and October 2025. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. The U.S. Trustee for Region 11 appointed Michael Bubman of BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC and Peter Gudaitis of Aculabs, Inc., as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel. GOODTEAM GROUP: Seeks Chapter 7 Bankruptcy in Nevada ---------------------------------------------------- On Sept. 22, 2025, Goodteam Group LLC sought Chapter 7 protection in Nevada’s bankruptcy court, case no. 25-15570. Filings show debts valued between $0 and $100,000, with the debtor reporting 1–49 creditors. About Goodteam Group LLC Goodteam Group LLC is a single real estate company. Goodteam Group LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15570) on September 22, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Mike K. Nakagawa handles the case. The Debtor is represented by Michael M. Lin, Esq. of Lin Law Group A Professional Law Corp. GULF STREAM: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Gulf Stream Manor MHC, LLC 8511 Gulf Highway Lake Charles, LA 70607 Business Description: Gulf Stream Manor MHC, LLC, also known as Gulf Stream Manor Mobile Park, operates a manufactured housing community in Lake Charles, Louisiana, providing rental homes and lots for residents. The property offers amenities such as off-street parking, recreational facilities, and access to nearby schools, shopping areas, and parks. The community is locally owned and managed, serving families and individuals in the Lake Charles area. Chapter 11 Petition Date: September 24, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-20473 Judge: Hon. John W. Kolwe Debtor's Counsel: Wade N. Kelly, Esq. WADE N KELLY, LLC Packard LaPray 2201 Oak Park Boulevard Lake Charles, LA 70601 Tel: 337-431-7170 E-mail: staff@packardlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William Rodwell as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6DQLO2A/Gulf_Stream_Manor_MHC_LLC__lawbke-25-20473__0001.0.pdf?mcid=tGE4TAMA HALL OF FAME: Buyer Parties Delay Merger Termination to Sept. 30 ---------------------------------------------------------------- As previously disclosed, on September 5, 2025, the Company received a Notice of Intent to Terminate the Merger Agreement and Non-Extension of Note & Security Agreement from the buyer parties and certain of their affiliates. Pursuant to the Notice, HOFV Holdings, LLC ("Parent"), Omaha Merger Sub, Inc. (the "Merger Sub" and together with Parent, the "Buyer Parties") and CH Capital Lending, LLC provided written notice of their intention to terminate the Merger Agreement under Section 8.1(e) on September 17, 2025, due to the Company's failure to perform its obligations thereunder. On September 16, 2025, the Company received a letter from the Buyer Parties and certain of their affiliates providing that in consideration of the agreements set forth in the Tenth Amendment, the termination date of September 17, 2025 had been extended to September 30, 2025, and further, Parent agreed to forbear from exercising its rights and remedies under the Merger Agreement, prior to such date, absent any earlier default by the Company of any of its obligations under and pursuant to the Merger Agreement other than the obligations arising under Section 7.2(g) of the Merger Agreement with respect to receipt of third party consents to the transaction from the holders of the Company's 8% Convertible Notes due 2025. If the Company is unable to resolve the asserted default under the Merger Agreement, the foregoing would be expected to have a material adverse effect on the Company's liquidity and financial condition and may render the Company insolvent and unable to sustain its operations and continue as a going concern. No assurance can be provided that the Company will be able to refinance, restructure or repay its indebtedness or to continue as a going concern. The foregoing information is a summary of the material terms of the Letter described above, is not complete, and is qualified in its entirety by reference to the full text of the Letter, a copy of which is available at https://tinyurl.com/mvtyhucx About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. HALL OF FAME: Expands Credit Facility to $17M via Tenth Amendment ----------------------------------------------------------------- Hall of Fame Resort & Entertainment Company disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission that the Company and its subsidiaries HOF Village Newco, LLC, HOF Village Retail I, LLC, and HOF Village Retail II, LLC, entered into a Tenth Amendment to the Note and Security Agreement with CH Capital Lending, LLC, a Delaware limited liability company. CHCL is an affiliate of Stuart Lichter, a director of the Company. The Tenth Amendment modifies the definition of "Facility Amount" in Section 1 of the original Note and Security Agreement (as amended prior to the Tenth Amendment) to increase the facility amount from $15,000,000 to $17,000,000 allowing the Borrowers to request an additional $2,000,000 for general corporate purposes, subject to certain restrictions. Additionally, the Tenth Amendment introduces a new definition for "IRG Affiliate Debt Documents," extends the definition of "Maturity Date" and amends the cross-default provision to reflect the updated terms relating to affiliated debt instruments. The Tenth Amendment also acknowledges that the Company's Board of Directors has authorized and directed management to prepare and execute all necessary agreements to transfer the collateral for the loans and other financial accommodations issued and outstanding pursuant to the Note and Security Agreement and the IRG Affiliate Debt Documents to CHCL and its affiliates upon an event of default under such debt instruments, which may include carrying out such transfer by deed in lieu of foreclosure. The full text of the Tenth Amendment is available at https://tinyurl.com/ec8a2v9e About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. HEART 2 HEART: Quality of Care Maintained, 3rd PCO Report Says -------------------------------------------------------------- Deborah Fish, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of West Virginia her third report regarding the quality of patient care provided by Heart 2 Heart Volunteer's, Inc. In her report, which covers the period from July 15 to September 17, the PCO stated that the healthcare provider is currently understaffed, however, modifications and schedule arrangements were made to properly address the program requirements. Heart 2 Heart Volunteer's is trying to manage the fiscal fine line of increasing the resident census while maintaining sufficient staff to provide proper resident care. The PCO reported that Heart 2 Heart does not have any reported supply or vendor issues. She reviewed the complaints that were submitted during this reporting period, followed up with the chief executive officer, and confirmed those complaints were properly addressed and resolved. The PCO noted that pursuant to Section 333 (b) (3), the quality of patient care provided to residents of Heart 2 Heart has been maintained and is not being materially compromised. Although staffing remains a challenge, operations are stable as current employees continue to meet resident needs and program requirements. Ms. Fish reported that Heart 2 Heart Volunteer's has been responsive to her communications and provided access to employees. The PCO noted that the clinical and administrative teams remain committed to resident care and program completion while improvements are necessary and ongoing. The ombudsman may be reached at: Deborah L. Fish 211 West Fort Street Suite 705 Detroit, MI 48226 313.309.3171 Email: dfish@allardfishpc.com About Heart 2 Heart Volunteers Inc. Heart 2 Heart Volunteers Inc., doing business as Serenity Hills Life Center, operates three addiction recovery centers and treatment facilities. Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge David L. Bissett oversees the case. The Debtor is represented by Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's Chapter 11 case. HERTZ CORP: BlackRock Debt Marks $1.01MM Loan at 17% Off -------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $1,012,000 loan extended to Hertz Corp to market at $839,127 or 83% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2021 Term Loan B to Hertz Corp. The loan accrues interest at a rate of 8.04% (3-mo. CME Term SOFR at 3.76%) per annum. The loan matures on June 30, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Hertz is a global car rental company. HERTZ CORP: BlackRock Debt Marks $199,000 Loan at 17% Off --------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $199,000 loan extended to Hertz Corp to market at $164,733 or 83% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2021 Term Loan C to Hertz Corp. The loan accrues interest at a rate of 8.04% (3-mo. CME Term SOFR at 3.76%) per annum. The loan matures on June 30, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Hertz is a global car rental company. HERTZ CORP: S&P Rates New $250MM Exchangeable Notes 'CCC+' ---------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issue-level rating and '6' recovery rating to The Hertz Corp.'s proposed $250 million exchangeable unsecured notes due 2030. The '6' recovery rating indicates its expectation that lenders would receive negligible (0%-10%; rounded estimate: 0%) recovery of their principal in the event of a payment default. Hertz, a subsidiary of Hertz Global Holdings Inc., will use the net proceeds from this proposed issuance (net of the cost of entering a capped call transaction concurrent with this transaction, as well as other general transaction expenses) to fund the partial redemption or repurchase of its outstanding $500 million senior unsecured notes due 2026 on or before December 31, 2025. S&P believes the proposed issuance will be modestly credit positive since it will improve the company's liquidity position and reduce refinancing risks associated with the upcoming debt maturity. S&P said, "Our 'B' issuer credit rating and negative outlook are unchanged. The negative outlook reflects our view that we could lower the rating if EBIT interest coverage remains well below 1x while debt to capital remains above 90%, liquidity deteriorates beyond our expectations, or the company pursues a transaction that we view as equivalent to a default. "We forecast that EBIT interest coverage will improve to the 1x-1.3x area in 2025, up from negative levels in 2024, largely because of reduced fleet-related expenses. We also expect debt to capital to remain above 90% in 2025 and funds from operations to debt in the 8%-13% range (compared with 99.2% and 10.9%, respectively, in 2024)." Issue Ratings--Recovery Analysis Key analytical factors S&P said, "Our simulated default scenario anticipates a default in 2028, led by a significant, prolonged disruption of business and leisure travel, as well as a substantial decline in used vehicle values. "In estimating the enterprise value at emergence, we offset the asset-backed debt against the value of the vehicles. "We think that, if Hertz were to default, a viable business model would remain because of the company's extensive location network and strong brand awareness. We also believe debtholders would achieve the greatest recovery value through reorganization rather than through liquidation. In addition, we would not expect international operations to be included in the reorganization. "We evaluate the company as a going concern on a discrete asset basis using current book values as reported. Our valuations reflect our estimate of the distressed value of the various assets, including intangibles like the trade name. Specifically, we apply a 90% realization rate to the net book value of Hertz's vehicles. This realization rate reflects the resilience of the used car market and is consistent with our assumption for the fleet at peer Avis Budget Car Rental LLC. "Also, we assume that, if Hertz were to default, it would preserve the majority of its remaining highly desirable on-airport locations and therefore would reject only 10% of its operating leases." Simplified waterfall -- Net enterprise value (after 3% administrative costs): $15.0 billion -- Valuation split (U.S./international): 87%/13% -- Collateral value available to revolver, term loan B, and incremental term loan claims (value excludes vehicle and restricted cash pledged to securitization facilities): $2.9 billion -- Revolver, term loan B, and incremental term loan claims estimated at default (includes estimated deficiency claims from securitization facilities): $4.9 billion --Recovery expectations for the first-lien revolver and term loan facilities: 50%-70% (rounded estimate: 55%) -- Total value available to second-lien and unsecured claims: $0 -- Total second-lien and unsecured claims estimated at default (includes senior unsecured notes, secured deficiency claims, and rejected lease claims): $4.2 billion --Recovery expectations for the second-lien and unsecured facilities: 0%-10% (rounded estimate: 0%). Notes: All debt amounts include six months of prepetition interest. Collateral value equals the asset pledge from obligors after priority claims, plus the equity pledge from nonobligors after nonobligor debt. Other valuation assumptions include LIBOR/SOFR of 250 basis points at default and a 100% draw on the U.S. cash flow revolving credit facility. HORSEY DENISON: Hires RE/MAX Advantage Realty as Broker ------------------------------------------------------- Horsey Denison Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire RE/MAX Advantage Realty to serve as broker in its Chapter 11 case. RE/MAX will provide these services: (a) market the Debtor's real property located at 8809 Oxon Hill Road and 8901 Oxon Hill Road, Fort Washington, MD; (b) identify prospective buyers and conduct negotiations for the sale of the Property; (c) facilitate marketing and sale efforts with respect to the Property; and (d) perform all other customary real estate brokerage services necessary for the successful sale of the Property. As compensation, RE/MAX will receive a commission based on a percentage of the sales price, subject to Court approval and disbursement at settlement. According to court filings, RE/MAX is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no interest adverse to the Debtor's estate. The firm can be reached at: Rob Foy RE/MAX Advantage Realty 6021 University Boulevard, Suite 100 Ellicott City, MD 21043 About Horsey Denison Landscaping LLC Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1 million and $10 million each. Judge Lori S. Simpson oversees the case. The Debtors are represented by Paul Sweeney, Esq., at YVS Law, LLC. First National Bank, as lender, is represented by: David V. Fontana, Esq. Gebhardt & Smith LLP One South Street, Suite 2200 Baltimore, Maryland 21202 Tel: (410) 385-5053 Fax: (443) 957-1832 E-mail: dfont@gebsmith.com HOUSING NORTHWEST: S&P Affirms 'BB-' Rating on 2016A Bonds ---------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating on Oregon Facilities Authority's series 2016A bonds, issued for Housing Northwest Inc.'s (HNW) Clifton House project, also known as The Amy. The outlook is stable. S&P said, "We analyzed project's environmental, social, and governance factors related to the university's market position and financial performance. We view these factors as neutral in our analysis. "The stable outlook reflects our view that project occupancy will remain stable within the outlook period and that HNW will continue to support the project such that debt service coverage (DSC) covenant requirements are met without draws on the debt service reserve fund (DSRF). "We could consider a negative rating action if the project is unable to meet its 1.20x DSC requirement, or the project sees material decreases in occupancy that fundamentally cause lower coverage. We could also consider a negative rating action if the project's DSRF is used to meet coverage requirements. A weakening of HNW's credit strength might pressure the project, given the moderately strategic status of the project relative to HNW. "We could consider a positive rating action if occupancy remains stable and coverage increases to a level that satisfies covenant requirements annually without HNW support. We could also consider a positive rating action if HNW's credit profile improves such that we view the project's strategic status relative to HNW more favorably." HRZN INC: Seeks to Hire Buechler Law Office as Bankruptcy Counsel ----------------------------------------------------------------- HRZN Inc., doing business as Horizon Landscaping, Inc., doing business as Plant Escape, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Buechler Law Office, LLC as counsel. The firm will render these services: (a) prepare on behalf of the Debtor all necessary legal papers required in this Chapter 11 proceeding; (b) perform all legal services for the Debtor which may become necessary herein; and (c) represent the Debtor in any litigation which it determines is in the best interest of the estate. The firm will be paid at these following hourly rates: K. Jamie Buechler, Attorney $525 David Rich, Attorney $525 Paralegals $125 The firm received a retainer of $25,000 from the Debtor. Ms. Buechler disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: K. Jamie Buechler, Esq. 10901 W. 120th Avenue, Suite 130 Broomfield, CO 80021 Telephone: (720) 381-0045 Facsimile: (720) 381-0382 Email: Jamie@KJBlawoffice.com About HRZN Inc. HRZN Inc. is a Colorado company, founded in 1983, that provides commercial landscaping and grounds maintenance services including lawn care, irrigation, snow removal, and landscape enhancements. It also offers interior plantscaping through its Plant Escape brand, serving businesses, property managers, and commercial clients across the Denver metro area. HRZN Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15925) on September 15, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by K. Jamie Buechler, Esq., at Buechler Law Office, LLC. HYPERSCALE DATA: Sets Oct. 10 Payment for Series D and E Dividends ------------------------------------------------------------------ Hyperscale Data, Inc. announced that its Board of Directors has declared a monthly cash dividend of $0.2708333 per share of the Company's outstanding 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock. The record date for this dividend is September 30, 2025, and the payment date is Friday, October 10, 2025. Link to NYSE quote for the Company's 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock: https://www.nyse.com/quote/XASE:GPUSpD The Company also announced that the Board has declared a monthly cash dividend of $0.20833 per share of the Company's outstanding 10.00% Series E Cumulative Redeemable Perpetual Preferred Stock. The record date for this dividend is September 30, 2025, and the payment date is Friday, October 10, 2025. For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data's public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov. About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, N.Y.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $213.50 million in total assets, $205.60 million in total liabilities, and $7.90 million in total stockholders' equity. INGENOVIS HEALTH: BlackRock Debt Marks $539,000 Loan at 48% Off --------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $539,000 loan extended to Ingenovis Health, Inc to market at $279,225 or 52% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2021 First Lien Term Loan to Ingenovis Health, Inc. The loan accrues interest at a rate of 7.88% (3-mo. CME Term SOFR at 0.50% Floor + 3.60%) per annum. The loan matures on November 1, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Ingenovis Health is an Ohio based temporary healthcare staffing agency providing nurses on assignments to hospitals and medical centers, including both traditional and fast response staffing, across the US. The company also supplies nurses during strikes and provides interventional cardiologists for rural and remote hospitals. Ingenovis is majority owned by Cornell and Trilantic Capital Partners (the Investor Group). INSPIREMD INC: Danny Dearen Appointed Audit Committee Chair ----------------------------------------------------------- InspireMD, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Thomas J. Kester, a Class III member of the board of directors, a member of the compensation committee of the Board, and the chairman of the audit committee of the Board, tendered his resignation from the Board, effective September 16, 2025. Mr. Kester's resignation from the Board was not due to any disagreement with the Company, the Board or the management of the Company on any matter relating to the Company's operations, policies, practices or otherwise. On September 16, 2025, the Board appointed Danny Lee Dearen Jr. as a Class III member of the Board, effective as of that date, with a term expiring at the Company's 2026 annual meeting of stockholders. In connection with his appointment, Mr. Dearen was also appointed as the chairman of the Audit Committee and a member of the Compensation Committee. In connection with his appointment, on September 16, 2025, Mr. Dearen was granted: (a) options to purchase shares of common stock, and (b) restricted shares of the Company's common stock under the Company's 2021 Equity Compensation Plan, with the aggregate value of such grant being approximately $180,000 and allocated 75% in Restricted Stock and 25% in Options. The Options have an exercise price equal to the closing price of the Company' common stock on the date of grant and have a term of 10 years from the date of grant. The Options and the Restricted Stock will vest and become exercisable on the one-year anniversary of the date of the grant, subject to Mr. Dearen's continued service to the Company, provided that in the event that Mr. Dearen is either: (i) not reelected as a director at the Company's 2026 annual meeting of stockholders, or (ii) not nominated for reelection as a director at the Company's 2026 annual meeting of stockholders, any unvested Options or Restricted Stock will vest in full and become exercisable on the date of the decision not to reelect or nominate him (as applicable). Mr. Dearen has served as a member of the board of directors of Beta Bionics, Inc. (Nasdaq: BBNX), a medical device company engaged in the design, development, and commercialization of innovative solutions to improve the health and quality of life of insulin-requiring people with diabetes, since October 2024. Mr. Dearen previously worked at Axonics, Inc. (Nasdaq: AXNX), a medical device company, serving as Chief Operating Officer and Chief Financial Officer from October 2013 to August 2018 and as President and Chief Financial Officer from August 2018 to October 2023. Previously, he served as Chief Operating Officer and Chief Financial Officer of Vessix Vascular Inc. from July 2009 to November 2012, Chief Financial Officer of Miraval Holding from December 2004 to November 2008, and Chief Financial Officer of Q3DM, Fairbanks Systems Group, ESI Software, and Medication Delivery Devices from January 1995 to November 2004. Mr. Dearen also serves on the boards of several privately held companies, including JenaValve Technology, Inc., a developer and manufacturer of transcatheter aortic valve replacement systems, since January 2023. He previously served on the board of directors of Endotronix, Inc., a developer and manufacturer of digital health management solutions for patients suffering from heart failure, from March 2021 until its acquisition by Edwards Lifesciences in August 2024. Mr. Dearen received his B.B.A. in Accounting and Business from Southern Methodist University and his M.B.A. from Boston College. The Board has determined that Mr. Dearen is independent under the applicable rules of the SEC and The Nasdaq Stock Market and is an "audit committee financial expert" within the meaning of Item 407(d)(5) of Regulation S-K. Since the beginning of Company's last fiscal year, the Company has not engaged in any transaction, or any currently proposed transaction, in which Mr. Dearen had or will have a direct or indirect material interest that would require disclosure pursuant to Item 404(a) of Regulation S-K promulgated by the SEC. Mr. Dearen will participate in the Company's standard non-employee director compensation arrangements which includes the right to annual cash payments with respect to Board and applicable committee service and an annual grant of equity awards under the Company's equity compensation plans. In connection with Mr. Kester's resignation from the Board, in recognition of the dedicated service of Mr. Kester to the Company, and notwithstanding the termination of Mr. Kester's service, the Compensation Committee approved the acceleration of unvested equity awards held by Mr. Kester, the extension of the expiration dates of stock option awards held by Mr. Kester for a period of two years from the effective date of Mr. Kester's resignation from the Board, the payment of four additional quarters of Board, Audit Committee chairman and Compensation Committee member fees, and the grant of shares of the Company's common stock and Options, at an exercise price for the Options equal to the closing fair market value of the Company's common stock on September 15, 2025, in an aggregate amount of approximately $120,000 allocated 75% in common stock and 25% in Options. About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $46.8 million in total assets, $10.7 million in total liabilities, and $36.1 million in total stockholders' equity. IOK TECHNOLOGY: Claims to be Paid from Continued Operation ---------------------------------------------------------- IOK Technology, LLC filed with the U.S. Bankruptcy Court for the Southern District of Indiana a Combined Small Business Chapter 11 Plan of Reorganization and Disclosure Statement dated September 17, 2025. Benny Garland, the Debtor's principal, has been running his own small machine shop since at least 2009. This one, like most, specializes in small piece manufacturing for assemblers of other products, including the US government. Covid was challenging for the business because of supply chain issues but the big problem it faced was a potentially large order from a customer that required significant out of pocket and set up expenses to make a first run that was supposed to be the beginning of a long-term high-volume relationship, so Benny focused on that opportunity. Unfortunately, after committing nearly half a million dollars to that client, it cancelled its future orders and never returned to the business. Those defaults lead to the filing of this case. Cash generated by ongoing operations shall first be used to fund administrative expenses, including professional and case Trustee fees and expenses, secured and lease claims, and operating expenses. The Plan pays priority claims in accordance with the treatment allowed under the Code, although no such claims are known at this time. The Debtor has reached terms with one of its equipment lenders and this plan treats the other one as fully secured so it is expected those creditors will support the Plan. After satisfaction of these claims, general unsecured creditors shall be paid pro rata out of all remaining Plan payments. The Plan shall last for 59 months following the first payment made under it, which is due within 30 days of the date the Confirmation Order becomes a Final Order. Class 3 consists of Allowed General Unsecured Claims, including the deficiency claims of SBA which claims shall receive a pro rata payment after satisfaction of the superior class claims treated under the Plan up to the full amount of the allowed claim of such creditor. Such claims shall be allowed, settled, compromised, satisfied and paid by a quarterly distribution of the net disposable income of the Debtor for the preceding quarter, for 20 quarters following confirmation of the Plan. Payment of such claims is expressly subordinate to the payment of priority claims under this Plan. Class 3 is impaired and is entitled to vote on the Plan. Class 4 consists of the Equity Interests, which interests shall be retained by existing interest owners. The Debtor shall continue to operate its business in accordance with the projection of income, expense and cash flow attached hereto and shall pay its projected net after tax cash profit to satisfy creditor claims herein. A full-text copy of the Combined Plan and Disclosure Statement dated September 17, 2025 is available at https://urlcurt.com/u?l=6mxzD2 from PacerMonitor.com at no charge. Counsel to the Debtors: KC Cohen, Esq. KC Cohen, Lawyer, PC 1915 Broad Ripple Ave. Indianapolis, IN 46220 Telephone: (317) 715-1845 Facsimile: (317) 636-8686 Email: kc@smallbusiness11.com About IOK Technology, LLC IOK Technology, LLC, operates a machine shop. IOK Technology sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-90702) on June 19, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Benny Garland, president of IOK Technology, signed the petition. KC Cohen, at KC Cohen, Lawyer, PC, is the Debtor's legal counsel. IPA ASSET: Hires Goldberg Weprin Finkel as Bankruptcy Counsel ------------------------------------------------------------- IPA Asset Management LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Goldberg Weprin Finkel Goldstein LLP to serve as bankruptcy counsel in its Chapter 11 case. GWFG will provide these services: (a) provide the Debtor with all necessary representation in connection with this Chapter 11 case, as well as the Debtor's responsibilities as debtor-in-possession; (b) represent the Debtor in all proceedings before the U.S. Bankruptcy Court and the Office of the U.S. Trustee, including all proceedings involving MangoTree Real Estate Holdings L.P.; (c) review, prepare and file all necessary legal papers, applications, motions, objections, adversary proceedings, and reports on the Debtor's behalf; and (d) render all other legal services required by the Debtor in addressing the claims of all creditors, and monitoring the sale of the Fort Hill Property. GWFG will apply the remaining amount of any pre-petition retainer as a credit towards post-petition fees and expenses. According to court filings, GWFG is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: J. Ted Donovan, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Avenue, 12th Floor New York, NY 10017 Telephone: (212) 221-5700 About IPA Asset Management LLC IPA Asset Management LLC is a real estate holding company that owns four residential properties in Suffolk County, New York. It is affiliated with 31FO LLC, which owns property at 31 Fort Hill in Lloyd Harbor, NY. IPA Asset Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43102) on June 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. JAMANA LLC: Hires Real Estate Matrix as Real Estate Appraiser ------------------------------------------------------------- Jamana LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to hire Real Estate Matrix, LLC to serve as real estate appraiser in its Chapter 11 case. Real Estate Matrix will provide these services: (a) issue an independent appraisal report valuing the debtor's Quality Inn hotel property on an "As Is," going concern, fee simple basis; (b) prepare the appraisal in compliance with USPAP Standards Rules 2-2(a), 8-2(a), and 10-2(a), utilizing the Sales Comparison and Income approaches; (c) provide expert valuation services in connection with the debtor’s pending motion to avoid the SBA lien and any related reorganization matters. Real Estate Matrix will receive a fixed fee of $4,700 for the appraisal services rendered. Future services, if any, will be compensated at the firm's standard hourly rates not to exceed $44 per hour for senior appraisers or on a fixed-fee basis, subject to Court approval. Real Estate Matrix, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Real Estate Matrix, LLC 2200 Highway 98, Suite 4, PMB 163 Daphne, AL 36526 About Jamana LLC Jamana LLC, doing business as Quality Inn Mobile West Tillman's Corner, operates a 58-room franchised Quality Inn hotel in Mobile, Alabama, offering lodging services and amenities such as complimentary breakfast, Wi-Fi and a seasonal outdoor pool. Jamana sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ala. Case No. 25-11994) on July 29, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Jerry C. Oldshue handles the case. The Debtor is represented by Kevin M. Ryan, Esq., at Ryan Legal Services, Inc. JB GROUP: Hires Campbell Business Solutions as Financial Advisor ---------------------------------------------------------------- JB Group of LA, LLC, doing business as Infrastructure Solutions Group, seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Campbell Business Solutions, LLC as financial advisor. The firm will to provide the Debtor with financial advice and various accounting services with respect to its operations and restructuring efforts. The firm's financial advisors will be paid at this hourly rates: Kenneth Shutt $120 Kennon Campbell $120 Angela Lamarque $100 Abigail Gatlin $90 Kamryn Purgatorio $70 In addition, the firm will seek reimbursement for expenses incurred. Kenneth Shutt, an accounting manager at Campbell Business Solutions, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kenneth Shutt Campbell Business Solutions, LLC 243 Shady Oaks Ct. Baton Rouge, LA 70810 About JB Group of LA LLC JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor tapped Paul Douglas Stewart, Jr., Esq., at Stewart Robbins Brown & Altazan, LLC as counsel and Campbell Business Solutions, LLC as financial advisor. JB GROUP: Taps Stewart Robbins Brown & Altazan as General Counsel ----------------------------------------------------------------- JB Group of LA, LLC, doing business as Infrastructure Solutions Group, seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Stewart Robbins Brown & Altazan, LLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Members and Of Counsel $550 - $650 Associates $400 - $450 Legal Assistants $300 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $100,000 from the Debtor. Paul Douglas Stewart, Jr., a partner at Stewart Robbins Brown & Altazan, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Douglas Stewart, Jr. Stewart Robbins Brown & Altazan, LLC 301 Main St., Ste. 1640 Baton Rouge, LA 70801 Telephone: (225) 231-9998 About JB Group of LA LLC JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor tapped Paul Douglas Stewart, Jr., Esq., at Stewart Robbins Brown & Altazan, LLC as counsel and Campbell Business Solutions, LLC as financial advisor. JC PENNEY: Lawyers Say Final Chapter 11 Payouts Approaching ----------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that attorneys handling J.C. Penney's bankruptcy estate told a Texas judge on Sept. 24, 2025, that final creditor distributions should be made soon, nearly five years after the Chapter 11 plan was confirmed. About J.C. Penney Co. Inc. J.C. Penney Company, Inc. -- @ www.jcpenney.com/ -- is an apparel and home retailer, offering merchandise from an extensive portfolio of private, exclusive, and national brands at over 850 stores and online. It sells clothing for women, men, juniors, kids, and babies. On May 15, 2020, J.C. Penney entered into a restructuring support agreement with lenders holding 70% of its first lien debt. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness. To implement the plan, J.C. Penney and its affiliates on May 15, 2020, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182). At the time of the filing, J.C. Penney disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversaw the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsel; Katten Muchin Rosenman, LLP as special counsel; Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk was the claims agent. The committee of unsecured creditors retained Cole Schotz, P.C., and Cooley, LLP. * * * J.C. Penney in November 2020 won approval to sell substantially all of its retail and operating assets ("OpCo") to a group formed by landlords Brookfield Asset Management, Inc. and Simon Property Group and senior lenders through a combination of cash and new term loan debt. Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal counsel, and BRG Capital Advisors, LLC, served as financial adviser to Simon and Brookfield. JSL COMPANIES: Section 341(a) Meeting of Creditors on October 27 ---------------------------------------------------------------- On September 23, 2025, JSL Companies LLC filed Chapter 11 protection in the Southern District of Ohio. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 27, 2025 at 03:30 PM. The meeting will be held telephonically. Please dial 1-888-330-1716 and enter the code 3475860# to join. About JSL Companies LLC JSL Companies LLC, doing business as Boat & RV Accessories, is a retailer of marine and recreational vehicle parts and equipment in the United States. The Company offers a wide range of products including boat accessories, RV appliances, HVAC parts, solar power systems, and power generation equipment. It distributes components from brands such as Dometic, Atwood, Thetford, and Battery Tender to boat and RV owners nationwide. JSL Companies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-31919) on September 23, 2025. In its petition, the Debtor reports estimated estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Tyson A. Crist handles the case. The Debtor is represented by Denis E. Blasius, Esq. at THOMPSEN LAW GROUP, LLC. KENNISON STRATEGIC: Taps Ean Miller of Keller Williams as Broker ---------------------------------------------------------------- Kennison Strategic Development Co. LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Ean Miller of Keller Williams Realty as broker in its Chapter 11 case. Mr. Miller will provide these services: (a) act as broker to sell Debtor's real property located at 88 North Main Street, Washington, PA 15301; (b) market and sell the real estate and business; and (c) in the event of a purchase transaction where a buyer is working with a real estate broker, offer cooperating compensation in the amount of 2.5% of the Purchase Price, paid from the Broker's Fees. Mr. Miller will receive a broker's commission in the amount of 5% of the sale price on real estate and the business. According to court filings, Ean Miller and Keller Williams Realty have no connection to any creditor or other party in interest and represent no interest adverse to the Chapter 11 estate. The firm can be reached at: Ean Miller, Broker KELLER WILLIAMS REALTY 460 Washington Road, Suite 2 Washington, PA 15301 Telephone: (724) 222-5500 E-mail: Eanm2323@gmail.com About Kennison Strategic Development Kennison Strategic Development Co. LLC is engaged in activities related to real estate. Kennison Strategic Development Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-21944) on August 8, 2024. In the petition filed by Mark Kennison, as president, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Judge Gregory L. Taddonio oversees the case. The Debtor is represented by Brian C. Thompson, Esq. at Thompson Law Group, P.C. KESKIN INC: Seeks to Hire Coyle Law Group as Legal Counsel ---------------------------------------------------------- Keskin, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Michael P. Coyle of The Coyle Law Group to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) provide legal advice in the continued possession and management of the Debtor's property; (b) prepare all schedules and statements required by the Bankruptcy Code, Bankruptcy Rules or Local Bankruptcy Rules; (c) represent the Debtor in connection with any proceedings for relief from stay which may be instituted in the Court; (d) represent the Debtor at any meetings of creditors convened pursuant to Section 341 of the Bankruptcy Code; (e) prepare on behalf of the Debtor all necessary applications, motions, answers, orders, reports and other legal papers and provide advice and assistance to and representation of the Debtor in preparing, filing and prosecuting a disclosure statement and plan under Chapter 11; (f) represent the Debtor in collateral litigation before the Bankruptcy Court and other courts; and (g) provide such other legal services for the Debtor which may be necessary, and to generally represent, advise and assist the Debtor in carrying out its duties under the Bankruptcy Code. Mr. Coyle will receive an hourly rate of $450, and an hourly rate of $125 is for paralegal and support staff. The Coyle Law Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael P. Coyle, Esq. THE COYLE LAW GROUP 7061 Deepage Drive, Ste 101B Columbia, MD 21045 Telephone: (443) 545-1215 About Keskin, Inc. Keskin, Inc. is a Maryland corporation operating a single-location Mediterranean restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17696) on August 22, 2025. In the petition signed by Rustem Keskin, owner, the Debtor disclosed up to $50,000 in assets and up to $100,000 in liabilities. Michael P. Coyle, Esq., at The Coyle Law Group, represents the Debtor as legal counsel. KYI ENTERPRISES: Taps Law Offices of David Freydin as Counsel ------------------------------------------------------------- KYI Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire David Freydin of the Law Offices of David Freydin PC to serve as bankruptcy counsel in its Chapter 11 case. Mr. Freydin will provide these services: (a) negotiating with creditors; (b) preparing of a plan and financial statements; and (c) examining and resolving claims filed against the estate. Mr. Freydin will receive an hourly rate of $450. The firm's other attorneys bill at $425 per hour. The firm received a $15,000 prepetition retainer. Of that amount, $1,800 was applied to prepetition legal work and $1,738 paid the filing fee, leaving $11,462 held in the firm's IOLTA account for post-petition services subject to court approval. The Law Offices of David Freydin PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN PC 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 E-mail: david.freydin@freydinlaw.com About KYI Enterprises KYI Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13842) on September 8, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Michael B. Slade presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as legal counsel. LABRUZZO COMMERCIAL: Amends Unsecured Claim Pay Details ------------------------------------------------------- LaBruzzo Commercial Properties, LLC, submitted a Disclosure Statement to accompany Second Amended Plan dated September 16, 2025. The Debtor initiated this Chapter 11 case after becoming financially distressed due to delinquent property taxes and paying a loan for 996 South Main Street, which became vacant during the COVID-10 pandemic due to closures of the daycare occupying the building. The Plan is to be implemented by the reorganized Debtor through: * The sale of 996 South Main Street, which has been completed. * Renting the office space at 292 Pine Street at $900.00 per month starting on March 1, 2025. * Construction of the duplex at 207 Willow Street and 1145 Water Street, which will be completed by September 2025, and which will be leased at $950.00 per unit. * Any monthly shortfall in revenue will be made up by Debtor's sole member Joseph L. LaBruzzo. Class 6 General Unsecured Claim of United States of America o/b/o Small Business Administration. The claim of United States of America o/b/o Small Business Administration is to be paid $150.00 monthly. This Class is impaired. Source of funds for plan payments will be derived from Debtor's Income. A full-text copy of the Disclosure Statement dated September 16, 2025 is available at https://urlcurt.com/u?l=2LhuxU from PacerMonitor.com at no charge. Counsel to the Debtor: Brian C. Thompson, Esq. Thompson Law Group, PC 125 Warrendale Bayne Road, Suite 200 Warrendale, PA 15086 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About LaBruzzo Woodlands LaBruzzo Woodlands, LLC, is engaged in activities related to real estate. The Debtor offers duplexes, tri-plexes apartments, and houses as well as commercial spaces. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Penn. Case No. 23-10389) on July 27, 2023. In the petition signed by Joseph LaBruzzo, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge John C. Melaragno oversees the case. Brian C. Thompson, Esq., at Thompson Law Group, P.C., is the Debtor's legal counsel. LABRUZZO WOODLANDS: Updates Unsecureds & Secured Claims Pay Details ------------------------------------------------------------------- LaBruzzo Woodlands, LLC submitted an Amended Disclosure Statement to accompany Second Amended Plan dated September 16, 2025. The Plan is to be implemented by the reorganized Debtor through future income based on projected growth of revenue from rentals of 8% annually. Any monthly shortfall will be made up by Debtor's sole member Joseph L. LaBruzzo. Class 2 consists of the Secured Mortgage Claims. Secured Claim of First National Bank of Pennsylvania-The mortgage held by First National Bank of Pennsylvania secured against the real estate at 19643 Arthur Street, 19777 Arthur Street, and 19719 Arthur Street, and in the amount of $317,484.66 shall be paid $2,500.00 per month for one year, and $5,200.00 per month thereafter, per the stipulation entered at docket no. 194. Class 5 consists of the General Unsecured Non-Tax Claim of the United States of America o/b/o Small Business Administration. The claim of Small Business Administration (POC 1) in the amount of $252,371.01, secured against the business property, will be paid $1,199.00 per month. Class 6 consists of the Unsecured Claim of United States of America o/b/o Small Business Administration. The claim of Small Business Administration in the amount of $168,282.00 is to be paid $150.00 monthly. This Class is impaired. Source of funds for plan payments will be derived from Debtor's Income. A full-text copy of the Amended Disclosure Statement dated September 16, 2025 is available at https://urlcurt.com/u?l=8ZJOE0 from PacerMonitor.com at no charge. Counsel to the Debtor: Brian C. Thompson, Esq. Thompson Law Group, PC 125 Warrendale Bayne Road, Suite 200 Warrendale, PA 15086 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About LaBruzzo Woodlands LaBruzzo Woodlands, LLC, is engaged in activities related to real estate. The Debtor offers duplexes, tri-plexes apartments, and houses as well as commercial spaces. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Penn. Case No. 23-10389) on July 27, 2023. In the petition signed by Joseph LaBruzzo, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge John C. Melaragno oversees the case. Brian C. Thompson, Esq., at Thompson Law Group, P.C., is the Debtor's legal counsel. LANDMARK HOLDINGS: No Patient Care Concern, 2nd PCO Report Says --------------------------------------------------------------- Joseph Tomaino, the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Florida his second report regarding the quality of patient care provided by Landmark Holdings of Florida, LLC and its affiliates. The report covers the period from July 10 to September 14. The PCO has conducted weekly calls with the system administrator responsible for quality. During these calls, the PCO reviewed any sentinel events that may have occurred at any of the sites; discussed availability of staffing, medications and supplies; and discussed any planned or unplanned interruptions of services as a result of the filing. The PCO also followed up on patient complaints. The PCO cited one complaint during this reporting period, which was filed by several employees who were not receiving their bonus payments. He discussed these with management officials who corrected the situation immediately. Mr. Tomaino noted that he does not see the need for additional site visits at this time, since no issues were identified on the initial site visits, and the transparency and cooperation of management with weekly calls. The weekly call with the organization administrator responsible for quality will be continued and an additional monthly interview with the Chief Nursing Officer and Director of Social Services of each site will be added to the plan. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=wmXs0g from PacerMonitor.com. The ombudsman may be reached at: Joseph J. Tomaino Grassi Healthcare Advisors, LLC 750 Third Avenue New York, NY 10017 Phone: 212-223-5020 Email: jtomaino@grassihealthcareadvisors.com About Landmark Holdings of Florida LLC Landmark Holdings of Florida, LLC and seven affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00397) on March 9, 2025. The petitions were signed by Landmark CEO Bryan Day. At the time of the filing, Landmark reported between $50 million and $100 million in assets and between $50 million and $100 million in liabilities. Judge Caryl E. Delano oversees the cases. Jamie Zysk Isani, Esq., at Hunton Andrews Kurth, LLP is the Debtors' legal counsel. Joseph J. Tomaino is the patient care ombudsman appointed in the Debtor's case. Amerant Bank N.A., as secured creditor, is represented by: Brian P. Yates, Esq. Garbett, Allen, Roza & Yates, P.A. Brickell City Tower 80 S.W. Eighth Street, Suite 3100 Miami, FL 33130 Telephone: (305) 579-0012 Email: byates@garlawfirm.com LAUREL CREEK: Seeks Court Approval to Tap Kirk Reimer as Appraiser ------------------------------------------------------------------ Laurel Creek II, LP seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Kirk Reimer, a professional practicing in Costa Mesa, Calif., as appraiser. The Debtor needs an appraiser to prepare an updated valuation of its properties. The appraiser will be paid at a flat fee of $1,000. Mr. Reimer disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The appraiser can be reached at: Kirk P. Reimer 3070 Bristol Street, Suite 615 Costa Mesa, CA 92626 Telephone: (714) 415-0172 About Laurel Creek II LP Laurel Creek II LP is a California limited partnership operating in the real estate sector. Laurel Creek II LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10986) on July 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Jeffrey I. Golden, Esq. at Golden Goodrich LLP. LEFEVER MATTSON: Claims to be Paid from Plan Recovery Trust ----------------------------------------------------------- Lefever Mattson and its affiliates, and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement in support of Joint Plan of Liquidation dated September 17, 2025. LFM manages a large real estate portfolio. Mr. LeFever and Mr. Mattson each own 50% of the equity in LFM. The LFM Debtors generate income, in part, from the Properties through rents and use the proceeds to fund part of their operations. The Debtors operated a Ponzi scheme, a central feature of which was a bank account maintained at Bank of the West (subsequently acquired by BMO Bank) ending in 1059 and primarily controlled by Mr. Mattson (the "1059 Account"). Under the circumstances, the Debtors and the Committee have determined that it is in the best interests of the Debtors' Investors and other creditors to propose a global settlement (the "Global Settlement"), to be effectuated through the proposed Plan that treats Investors and other creditors fairly without incurring the considerable additional professional fees and costs that would be necessary to attempt to fully disentangle the Debtors. The proposed Plan is a "single pot" plan, meaning that it pools and consolidates all of the assets and liabilities of all of the Debtors for distribution purposes. This pooling is known as substantive consolidation. Under the Plan, no third parties including Mr. Mattson and Mr. Timothy LeFever, will receive a release for their conduct related to the Debtors. The Plan further provides, in accordance applicable Ponzi scheme case law, that Investor claims will be "netted" to make sure all Investors are treated fairly. Specifically, pursuant to the Global Settlement, each Investor will receive (a) a claim for the total amount of money (or value of property) it invested in the Debtors over time less the total amount of any distributions the Investor received over the seven years prior to September 12, 2024 (referred to as the Investor Tranche 1 Claim) and (b) a separate claim for the amount of those deducted distributions (referred to as the Investor Tranche 2 Claim). The Plan provides that Investors will first receive their pro rata distribution of available assets on account of their Investor Tranche 1 Claim. If and when each Investor Tranche 1 Claim is paid in full, Investors will then receive their pro rata distribution of available assets on account of their Investor Tranche 2 Claim. To effectuate distributions to Investors, the Plan provides for the creation of the Plan Recovery Trust. The Plan Recovery Trust will take ownership of the Debtors' assets, sell or otherwise dispose of those assets to generate cash, and distribute that cash to Investors. The Plan Recovery Trust also will own litigation claims against third parties, including Mr. Mattson and Mr. LeFever, and may generate cash through prosecution or settlement of those claims. The Plan Recovery Trust will distribute cash to Investors and creditors over time, as it monetizes the Plan Recovery Trust Assets. Accordingly, the Plan provides for substantive consolidation of the Debtors' assets and liabilities for the purposes of Distributions under the Plan. Consistent with the substantive consolidation contemplated by the Plan and in order to reduce administrative costs, on the Effective Date, all of the Debtors will be dissolved automatically without the need for any corporate action or approval, without the need for any corporate, limited liability company, or limited partnership filings, and without the need for any other or further actions to be taken on behalf of such dissolving Debtor or any other Person or any payments to be made in connection therewith. The Plan Recovery Trust Assets, which includes Available Cash of the Debtors as of the Effective Date, Retained Real Properties, and Avoidance Actions and Causes of Action held by the Debtors or the Estates, will vest in a Plan Recovery Trust. The Plan Recovery Trust will be responsible for Distributions of Available Cash to the Plan Recovery Trust Beneficiaries in accordance with the Plan Recovery Trust Waterfall. On the Effective Date, the Plan Recovery Trustee will execute the Plan Recovery Trust Agreement and shall take any other action necessary to establish the Plan Recovery Trust in accordance with the Plan and the beneficial interests therein. The purpose of the Plan Recovery Trust will be to pursue, collect, or monetize the Plan Recovery Trust Assets and make Distributions from the proceeds of such assets to the Plan Recovery Trust Beneficiaries in accordance with Treasury Regulation section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business. The LFM Debtors have unsecured debt in the form of trade debt, unsecured notes payable, prepaid rent or security deposits held for tenants of the Properties, and litigation claims. The Plan Proponents believe that the settlement reflected in the Plan provides the best prospect for Investors and other creditors to maximize their recoveries from the Debtors' estates, and to receive those distributions as soon as reasonably possible. After (i) all administrative and priority claims (including, without limitation, Administrative Expense Claims, Involuntary Gap Claims, Priority Tax Claims, and Priority Claims), and (ii) all Plan Recovery Trust expenses, including any litigation financing expenses, are paid or reserved for, the Plan Recovery Trust will make Distributions of Available Cash to the Plan Recovery Trust Beneficiaries pursuant to the Plan Recovery Trust Waterfall: * Class A Plan Recovery Trust Units. First, the Plan Recovery Trust shall distribute the proceeds of the Plan Recovery Trust Assets to each Holder of Class A Plan Recovery Trust Units on a Pro Rata basis until all Allowed Trade Claims have been paid in full (without postpetition or post-Confirmation interest); * Class B Plan Recovery Trust Units. Second, the Plan Recovery Trust shall distribute the proceeds of the Plan Recovery Trust Assets to each Holder of Class B Plan Recovery Trust Units on a Pro Rata basis until all Investor Tranche 1 Claims have been paid in full; * Class C Plan Recovery Trust Units. Third, the Plan Recovery Trust shall distribute the proceeds of the Plan Recovery Trust Assets to each Holder of Class C Plan Recovery Trust Units on a Pro Rata basis until all Investor Tranche 2 Claims have been paid in full; * Class D Plan Recovery Trust Units. Notwithstanding anything to the contrary contained in the Plan or in the Confirmation Order, the Plan Recovery Trust shall distribute the net proceeds of any Contributed Claims solely to Holders of Class D Plan Recovery Trust Units on a Pro Rata basis. The Plan Recovery Trust, in the Plan Recovery Trustee's discretion may make periodic Distributions to the Plan Recovery Trust Beneficiaries at any time following the Effective Date, provided that such Distributions are otherwise permitted under, and not inconsistent with, the Plan Recovery Trust Waterfall, the other terms of the Plan, the Plan Recovery Trust Agreement, and applicable law. A full-text copy of the Disclosure Statement dated September 17, 2025 is available at https://urlcurt.com/u?l=ShBFMH from Kurtzman Carson Consultants, LLC, claims agent. Attorneys for the Lefever Mattson Debtors: Tobias S. Keller, Esq. David A. Taylor, Esq. Thomas B. Rupp, Esq. Keller Benvenutti Kim LLP 425 Market Street, 26th Floor San Francisco, California 94105 Telephone: (415) 496-6723 Facsimile: (650) 636-9251 Email: tkeller@kbkllp.com dtaylor@kbkllp.com Attorneys for the KSMP Debtors: HOGAN LOVELLS US LLP Richard L. Wynne, Esq. Erin N. Brady, Esq. Edward J. McNeilly, Esq. Todd M. Schwartz, Esq. 1999 Avenue of the Stars, Suite 1400 Los Angeles, California 90067 Telephone: (310) 785-4600 Email: richard.wynne@hoganlovells.com erin.brady@hoganlovells.com edward.mcneilly@hoganlovells.com todd.schwartz@hoganlovells.com Attorneys for the Official Committee of Unsecured Creditors: Debra I. Grassgreen, Esq. Pachulski Stang Ziehl & Jones LLP One Sansome Street, Suite 3430 San Francisco, CA 94104 Tel: (415) 263-7000 Fax: (415) 263-7010 Email: dgrassgreen@pszjlaw.com About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Keller Benvenutti Kim LLP, led by Thomas B. Rupp, is the Debtors' counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. LIFESCAN GLOBAL: Committee Taps Pachulski Stang Ziehl as Counsel ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of LifeScan Global Corporation, et al., seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Pachulski Stang Ziehl & Jones LLP to serve as its conflicts counsel in the Debtors' jointly-administered Chapter 11 cases, effective as of August 19, 2025. The firm will provide these services: (a) assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims as they relate to the Special Matters; (b) assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' businesses as they relate to the Special Matters; (c) assist the Committee in its investigation of, inter alia, the liens and claims of the Debtors' lenders and the prosecution of any claims or causes of action revealed by such investigation, as they relate to the Special Matters; (d) assist and advise the Committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 cases as they relate to the Special Matters; (e) represent the Committee at hearings and other proceedings as they relate to the Special Matters; (f) assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives as they relate to the Special Matters; and (g) prepare, on behalf of the Committee, any pleadings, including without limitation motions, memoranda, complaints, adversary complaints, objections or comments in connection with any of the foregoing as they relate to the Special Matters. The firm's current standard hourly rates are: -- Partners $1,150 to $2,350 -- Of Counsel $1,050 to $1,850 -- Associates $725 to $1,225 -- Paraprofessionals $575 to $650 Pachulski Stang Ziehl & Jones LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Pachulski Stang Ziehl & Jones responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: N/A. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: N/A. As Committee counsel, the Firm anticipates that the Committee's professional fees will be initially governed by the Debtor in Possession Financing order and budget approved in these Chapter 11 cases. The Committee and its professionals reserve all rights to seek approval of Committee professional fees. The firm can be reached at: Pachulski Stang Ziehl & Jones LLP 10100 Santa Monica Blvd., 13th Floor Los Angeles, CA 90067 Telephone: (310) 277-6910 Facsimile: (310) 201-0760 E-mail: info@pszjlaw.com About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Porter Hedges LLP is the Debtor's legal counsel, Milbank LLP is co-counsel, and PJT Partners LP is the investment banker. LIFOD HOME: No Patient Care Complaints, 9th PCO Report Says ----------------------------------------------------------- Joseph Tomaino, the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the District of Massachusetts his ninth report regarding the quality of patient care provided by Lifod Home Health Care, LLC's home health care facility. The report covers the period from June 4 to September 18. The PCO interviewed the supervising RN for the ninth report. The supervising RN reports the census is 22 and that the agency has been able to provide staff for these cases and meet their payroll. She also reports having sufficient supplies, primarily gloves. Mr. Tomaino received no complaints during the period. Based on the medium-level risk determination, the PCO will continue to interview a clinical staff person involved with care to ensure that supplies are available, and supervision and support are being provided. A copy of the PCO report is available for free at https://urlcurt.com/u?l=oEn26l from PacerMonitor.com. The ombudsman may be reached at: Joseph J. Tomaino Grassi Healthcare Advisors LLC 750 Third Ave New York, NY 10017 (212) 223-5020 Email: jtomaino@grassihealthcareadvisors.com About Lifod Home Lifod Home Health Care, LLC, a provider of home health care services, filed Chapter 11 petition (Bankr. D. Mass. Case No. 23-40476) on June 13, 2023, with $100,001 to $500,000 in assets. Judge Elizabeth D. Katz oversees the case. S. James Boumil, Esq., at Boumil Law Offices represents the Debtor as bankruptcy counsel. Joseph J. Tomaino is the patient care ombudsman appointed in the Debtor's case. The ombudsman is represented by the law firm of Rimon P.C. LOS ANGELES OZF: Hires Totaro & Shanahan as Insolvency Counsel -------------------------------------------------------------- Los Angeles OZF, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Totaro & Shanahan, LLP as general insolvency counsel. The firm's services include: (a) counsel the Debtor through meetings and phone calls, discussions concerning the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, and the United States Trustee Guidelines; (b) document preparation or amendments concerning the petition and schedules, status reports, review and consultation concerning Monthly Operating Reports, and personal attendance at all hearings; (c) consult with the Debtor's representative concerning documents needed and reports to be prepared and consultation with real estate counsel re title and other issues; (d) assist the Debtor in preparation of documents for compliance with the requirements of the Office of the United States Trustee; (e) negotiate with secured and unsecured creditors regarding the amount and payment of their claims; (f) discuss with the Debtor's representative concerning the Disclosure Statement and plan of reorganization; (g) prepare the Disclosure Statement and Chapter 11 Plan of Reorganization and any amendments/changes to the same unless filed as a Sub-V case which does not require a disclosure statement; (h) submit ballots to creditors, tally of ballots and submission to the court; (i) response to any objections to disclosure statement and/or plan; (j) negotiate with creditors as to values, etc. and the plan of reorganization; and (k) response to any motions for relief from stay, motions to dismiss or any other motions or contested matters. The firm will be paid at these hourly rates: Attorney $650 Paralegal $150 The firm received a retainer of $5,000 from the Debtor to cover pre-petition and post-petition work. Michael Totaro, Esq., an attorney at Totaro & Shanahan, disclosed in a court filing the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael R. Totaro, Esq. Totaro & Shanahan, LLP P.O. Box 789 Pacific Palisades, CA 90272 Telephone: (310) 804-2107 Email: Ocbkatty@aol.com About Los Angeles OZF LLC Los Angeles OZF LLC is a single asset real estate company. Los Angeles OZF LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11611) on September 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. Michael R. Totaro, Esq., at Totaro & Shanahan, LLP serves as the Debtor's counsel. LUMO LOGISTICS: Hires Latham Luna Eden & Beaudine as Counsel ------------------------------------------------------------ Lumo Logistics, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm will provide these services: (a) advise the Debtor of its rights and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these hourly rates: Daniel Velasquez, Attorney $475 Other Attorneys $275 Junior Paraprofessionals $105 The firm received a retainer of $5,525 from the Debtor. Mr. Velasquez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudime, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5800 Email: dvelasquez@lathamluna.com About Lumo Logistics Lumo Logistics, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05509) on August 29, 2025, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudime, LLP. MACHIKO MANAGEMENT: Case Summary & Eight Unsecured Creditors ------------------------------------------------------------ Debtor: Machiko Management, LLC 22735 Carancho Road Temecula, CA 92590 Business Description: Machiko Management LLC, based in Temecula, California, provides administrative and office management services. Chapter 11 Petition Date: September 24, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-16853 Debtor's Counsel: Summer Shaw, Esq. SHAW & HANOVER, PC 44-901 Village Court, Suite B Palm Desert, CA 92260 Tel: (760) 610-0000 Fax: (760) 687-2800 E-mail: ss@shaw.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stephanie Chu as manager. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2VHMT5I/Machiko_Management_LLC__cacbke-25-16853__0001.0.pdf?mcid=tGE4TAMA MAGENTA SECURITY: BlackRock Debt Marks $397,000 Loan at 17% Off --------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $397,000 loan extended to Magenta Security Holdings LLC to market at $331,435 or 83% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is participant in a 2024 First out Term Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.29% (3-mo. CME Term SOFR at 0.75% Floor + 7.01%) per annum. The loan matures on July 27, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Magenta Security Holdings LLC operates as a holdings company that was formed to hold a substantial portion of the overall Magenta Buyer LLC's collateral. MAGENTA SECURITY: BlackRock Debt Marks $466,000 Loan at 54% Off --------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $466,000 loan extended to Magenta Security Holdings LLC to market at $214,453 or 46% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is participant in a 2024 Second out Term Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.54% (3-mo. CME Term SOFR at 0.75% Floor + 7%) per annum. The loan matures on July 27, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Magenta Security Holdings LLC operates as a holdings company that was formed to hold a substantial portion of the overall Magenta Buyer LLC's collateral. MAGENTA SECURITY: BlackRock Debt Marks $962,000 Loan at 77% Off --------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $962,000 loan extended to Magenta Security Holdings LLC to market at $222,963 or 23% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is participant in a 2024 Third out Term Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.29% (3-mo. CME Term SOFR at 0.75% Floor + 1.76%, 5.76% PIK) per annum. The loan matures on July 27, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Magenta Security Holdings LLC operates as a holdings company that was formed to hold a substantial portion of the overall Magenta Buyer LLC's collateral. MAGLEV ENERGY: Gets Extension to Access Cash Collateral ------------------------------------------------------- Maglev Energy, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The seventh interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved by its secured creditor, the U.S. Small Business Administration. This authorization will continue until further order of the court. The Debtor projects total operational expenses of $2,127 for September and $3,960 for October. As adequate protection for the Debtor's use of their cash collateral, the SBA and other creditors with a security interest in the cash collateral will be granted post-petition liens on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep the secured creditors' collateral insured. The next hearing is scheduled for October 21. About Maglev Energy Maglev Energy, Inc., a company in Seminole, Fla., engineers motor and generator technology including permanent magnet alternator, vertical wind turbine, and auxiliary power unit. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06552) on Nov. 5, 2024, with $241,312 in assets and $2,384,522 in liabilities. Jon Harms, executive vice president, signed the petition. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C. Blanchard, Esq. Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com MAIN STREET AT TUTTLE: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------- On September 23, 2025, Main Street at Tuttle Royale LLC sought Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. The Royal Palm Beach real estate company reported debts of $50 million–$100 million, with distributions expected for unsecured creditors. About Main Street at Tuttle Royale LLC Main Street at Tuttle Royale LLC is a single asset real estate company. Main Street at Tuttle Royale LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21129) on September 23, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. at Shraiberg Page PA. MAIN STREET: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Main Street at Tuttle Royale, LLC 10760 Acme Rd Royal Palm Beach, FL 33414 Business Description: Main Street at Tuttle Royale, LLC is classified as a single-asset real estate Debtor under 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: September 23, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-21129 Judge: Hon. Mindy A Mora Debtor's Counsel: Bradley S. Shraiberg, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 Email: bss@slp.law Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Brian Tuttle as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NBSNQSY/Main_Street_at_Tuttle_Royale_LLC__flsbke-25-21129__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Aldus LLC $2,448,000 4499 Pond Road Shavano Park, TX 78231 2. BCA $1,406,835 75 Valencia Avenue Ste. 1000 Coral Gables, FL 33134 3. Brian Lulfs $3,222,000 829 Shore Drive Boyton Beach, FL 33435 4. Cole Schotz P.C. $102,366 Court Plaza North 25 Main Street Hackensack, NJ 07601 5. Divine Blalock $101,599 Martin & Sellari 560 Village Blvd Ste. 110 West Palm Beach, FL 33409 6. Doug Kirlan $292,500 2088 Chagall Circle West West Palm Beach, FL 33409 7. Engenuity Group $354,083 1280 North Congress Avenue Ste. 101 West Palm Beach, Fl 33409 8. Feisty Italians $373,195 560 Village Blvd Ste. 110 West Palm Beach, FL 33409 9. Index Invest Group $650,000 1000 N. US Hwy One Ste. 902 Jupiter, FL 33477 10. Internal Revenue Service Unknown Attn: Special Procedures P.O. Box 34045 Stop 572 Jacksonville, FL 32202 11. Invictus Real Estate Partners $3,150,000 122 Penn Road Scarsdale, NY 10583 12. Newmark Knight $891,150 85 Tripp Street Bedfords Corner, NY 10549 13. Palm Beach County Unknown Tax Collector PO Box 3715 West Palm Beach, FL 33402-3715 14. PLACE $307,643 75 Valencia Avenue Ste. 300 Round Rock, TX 78664 15. Southern Blvd Villas LLC $825,000 1 N. Clematis Street Ste. 200 West Palm Beach, FL 33401 16. Susan E. Orororuke, P.E. $60,326 2 Nettles Blvd Jensen Beach, FL 34957 17. Timothy W. Schulz, P.A. $199,269 330 clematis street Ste. 116 West Palm Beach, FL 33401 18. Tuttle Royal Lender, LLC Lawsuit $44,080,944 c/o Kluger, Kaplan, Silverman, Katzen & Levine, PL 201 S Biscayne Blvd, 27th FL Miami, FL 33131 19. Tuttle Royal $31,000 Property Owners Association 1301 W. Royal Palm Road Boca Raton, FL 33486 20. Urban Design Studious $74,976 610 Clematis Street Ste.-CU-02 West Palm Beach, FL 33401 MAITE LLC: Seeks to Hire O'Hagan Meyer as Special Counsel --------------------------------------------------------- Maite LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire O'Hagan Meyer PLLC to serve as special counsel in its Chapter 11 case. O'Hagan Meyer will provide these services: (a) provide legal services in connection with a dispute between the Debtor and Lera Investment Technologies, Inc. regarding its response to a $20 million third-party loan offer and a related demand for a books and records inspection; (b) prepare, file, and litigate a complaint depending on the results of the investigation; and (c) represent the Debtor in connection with the LIT Matters during the bankruptcy case. Mr. Stephen D. Dargitz will be paid at an hourly rate of $400. Other attorneys at O'Hagan Meyer who may perform services on behalf of the Debtor will be billed at hourly rates ranging from $250 to $400. Legal assistance provided by paralegals will be billed at the hourly rate of $150. O'Hagan Meyer PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen D. Dargitz, Esq. O’HAGAN MEYER PLLC 1331 17th Street, Suite 350 Denver, CO 80202 Tel: (303) 652-5860 Fax: (303) 652-5877 Email: sdargitz@ohaganmeyer.com About Maite LLC Maite LLC is a limited liability company. Maite LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. ) on September 17, 2025. In its petition, the Debtor reports estimated liabilities of $22,451,109. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtor is represented by Jonathan M. Dickey, Esq. at KUTNER BRINEN DICKEY RILEY. MARRA AIR: Court Denies Bid to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida denied as moot the motion filed by Marra Air Conditioning Services, Inc. to extend its authority to use cash collateral. The bankruptcy court on September 22 confirmed the Debtor's Chapter 11 plan of reorganization. About Marra Air Conditioning Services Marra Air Conditioning Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03488) on June 6, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Lori V Vaughan oversees the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC. MAWSON INFRASTRUCTURE: Nasdaq Extends MVLS and Bid Price Deadlines ------------------------------------------------------------------ Mawson Infrastructure Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that the Nasdaq Hearings Panel, based on the compliance plan presented by the Company, has determined to grant the Company's request for continued listing on Nasdaq, subject to the Company satisfying certain conditions. As previously disclosed, on January 24, 2025, the Company received written notice (the "MVLS Notice") from the Staff notifying the Company that for the 33 consecutive business days preceding the date of the MVLS Notice, the Company's Market Value of Listed Securities was less than the $35.0 million minimum required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2). On February 6, 2025, the Company received written notice (the "Bid Price Notice") from the Staff notifying the Company that for the 30 consecutive business days prior to September 12, 2025, the closing bid price of the Company's common stock was less than the $1.00 per share minimum bid price required for continued listing on The Nasdaq Capital Market, as required by Nasdaq Listing Rule 5550(a)(2). The Panel granted the Company's request to extend the period of time in which to demonstrate compliance with: (i) the MVLS Rule to October 15, 2025 and (ii) the Bid Price Rule to November 7, 2025. Pursuant to the Notice, the conditions for the Company's continued listing during the Exception Period include that the Company provide Nasdaq prompt notification of any significant events that occur during this time that may affect the Company's compliance with Nasdaq requirements. The Panel reserves the right to reconsider the terms of the exception based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of the Company's securities on Nasdaq inadvisable or unwarranted. There can be no assurance that the Company will be able to regain compliance with the MVLS Rule or the Bid Price Rule or maintain compliance with all other Nasdaq listing requirements. If the Company fails to regain compliance with Nasdaq's continued listing standards during the Exception Period, the Company's common stock will be subject to delisting from Nasdaq. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MAWSON INFRASTRUCTURE: Provides Corporate Update on Operations -------------------------------------------------------------- Mawson Infrastructure Group Inc. provided a corporate update to stockholders and the investment community regarding the Company's current operations. Key Points: * Operational Continuity: Mawson continues to operate normally across its U.S. footprint, with Midland, Pennsylvania remaining a cornerstone facility supported by long-term site tenure. * Nasdaq Listing Compliance Plan: Mawson engaged advisors and presented a plan to Nasdaq to regain compliance with Nasdaq's continued listing standards as it works to maintain the listing of its common stock. Mawson recently received from Nasdaq an extension of time to regain compliance and maintain its listing on Nasdaq. * Progress on Legacy Matters: Mawson is advancing efforts to resolve certain legacy legal matters as part of a broader program to strengthen the Company's balance sheet. * Company Presentation: Mawson has updated the Company Presentation posted on its website at www.mawsoninc.com. * Financial Flexibility Maintained (Form S-3 Refresh): "Our leadership remains focused on executing the Company's growth strategy while maintaining operational flexibility and improving its balance sheet. We believe having an effective shelf registration statement enables us to remain well-positioned to support our customers, pursue growth opportunities, and navigate the evolving capital markets efficiently. As our previous Form S-3 registration statement expired, the Company has filed a new shelf registration statement on Form S-3 to enable Mawson to offer and sell securities as needed. However, filing a shelf registration statement does not mean new shares of our common stock are being immediately issued nor does it represent a change in the Company's business strategy or financial condition." Articles and recent news related to the Company are available at www.mawsoninc.com/articles. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MCMILLAN LOGGING: Seeks to Tap Bruner Wright as Bankruptcy Counsel ------------------------------------------------------------------ McMillan Logging, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, PA to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Robert Bruner, Attorney $450 Byron Wright III, Attorney $400 Samantha Kelley, Attorney $375 Paralegal $175 Prior to filing, the firm received a retainer in the amount of $20,000 from the Debtor's owner, James Steven McMillan. Mr. Wright III disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About McMillan Logging Inc. McMillan Logging Inc. is a Florida-based logging contractor that engages in timber harvesting and related hauling services. McMillan Logging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40405) on August 25, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Byron W. Wright III, Esq., and Robert C. Bruner, Esq., at Bruner Wright, PA. MERIT STREET: Dr. Phil to Face Trial Tied to Firm's Bankruptcy -------------------------------------------------------------- Becky Yerak of The Wall Street Journal reports that television host Phil "Dr. Phil" McGraw testified Tuesday, September 23, 2025, that although he was moving to end ties with Trinity Broadcasting Network, he also assured the Christian broadcaster he wanted to work together with "transparency" on Merit Street Media, their bankrupt joint venture. Court records show McGraw was confronted with conflicting communications: a June 2024 text to a friend claiming he was "working on the project of getting rid of TBN" and a July 2025 email to Trinity executives proposing that the two sides remain partners "with transparency," according to The Wall Street Journal. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MISSION POINT: Quality of Care Maintained, PCO Reports ------------------------------------------------------ Deborah Fish, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan her third report regarding the quality of patient care provided by Mission Point of Detroit, LLC. The report covers the period from June 17 to September 17, and is based upon site visits, observations at the facility, communications with Human Resources, the on-site administrator and discussions with staff including the director of nursing and numerous residents and family members. The PCO reported that Mission Point of Detroit has maintained all of its services and is delivering similar quality care to essentially the same patient population as it did pre-petition. There are not any substantial changes to her prior report. The PCO observed that the facility is newer and has a welcoming look and feel. The facility is adequately maintained, the floors and gathering rooms are clean, and the residents' rooms are clean. There was no foul odor to report. Ms. Fish noted that the facility has a primary physician whose assistant makes weekly rounds. Any follow-up care, change in medication or questions are managed at this time. Residents were groomed, wearing clean clothes and most were out of their beds. The PCO spoke with the residents during the visits and found that they did not have any issues regarding the food service. Most residents eat in their rooms. Some residents go to the cafeteria for lunch and the vast majority eat dinner in their rooms. The PCO stated that the administration has confirmed that the healthcare provider has maintained its relationship with its pre-bankruptcy suppliers and does not have any supply issues. Ms. Fish found out that the healthcare provider has continued the same quality of care post-petition as it did pre-bankruptcy. Monitoring will continue. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=zQ6iI8 from PacerMonitor.com. The ombudsman may be reached at: Allard & Fish, P.C. Deborah L. Fish 211 W Fort St. Suite 705 Detroit MI 48226 (313) 309.3171 Email: dfish@allardfishpc.com About Mission Point of Detroit Mission Point of Detroit, LLC is a skilled nursing and rehabilitation facility located in Detroit, Mich. It operates under the Mission Point Healthcare Services network, which manages post-acute care centers across the state. The facility provides short-term rehabilitation, long-term care, and specialized nursing services. Mission Point of Detroit sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43883) on April 16, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Maria L. Oxholm handles the case. Ryan Heilman, Esq., at Heilman Law, PLLC is the Debtor's bankruptcy counsel. The Huntington National Bank, as secured creditor, is represented by: Douglas C. Bernstein, Esq. Plunkett Cooney 38505 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 (248) 901-4091 dbernstein@plunkettcooney.com Deborah L. Fish is the patient care ombudsman appointed in the Debtor's case. MODIVCARE INC: Creditors' Committee Opposes $100MM DIP Financing ---------------------------------------------------------------- Vince Sullivan of Law360 reports that on September 23, 2025, the official committee of unsecured creditors challenged Modivcare's bid for final approval of its $100 million Chapter 11 loan, telling a Texas bankruptcy court the deal has "numerous infirmities" that must be resolved. About ModivCare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MONTE MARTIN: Section 341(a) Meeting of Creditors on November 3 --------------------------------------------------------------- On September 22, 2025, Monte Martin Inc. filed Chapter 11 protection in the Northern District of Texas . According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 3, 2025 at 03:00 PM by TELEPHONE. About Monte Martin Inc. Monte Martin Inc., f/d/b/a Martin & Martin Design Services, LLC, Martin & Martin Design Electrical LLC, Martin & Martin Design Fine Art Services, LLC, and Martin & Martin Design Exhibition Design LLC, based in Dallas, Texas, provides fine art services, exhibit design and fabrication, lighting design, and electrical contracting through its headquarters at 2819 Anode Lane. The Company serves a diverse clientele including galleries, museums, institutions, restaurants, retail establishments, hotels, and private collectors, integrating art and lighting in its projects. Monte Martin Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33677) on September 22, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented byDavid Shuster, Esq. of SHUSTER LAW, PLLC. MOUNTAIN VIEW: Court OKs Ardmore Mall Sale to United Texas Bank --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has permitted Mountain View Midstar, LLC, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is a certain commercial real estate located at 1211 N. Commerce, Ardmore, OK 73401, commonly known as the Mountain View Mall. The Debtor is a limited liability company formed on August 12, 2005, under the laws of the State of Oklahoma. The Debtor owns and operates a shopping center, located at 1211 N. Commerce, Ardmore, Oklahoma 73401, commonly known as the "Mountain View Mall" or "Mountain View Shopping Center" or "Shops at Ardmore". At the Ardmore Mall, the Debtor leases retail space to many well-known retail chains, including Ulta Salon, Cosmetics & Fragrances, Inc., Staples, Inc., GNC General Nutrition Corporation, Hobby Lobby as well as non-retails users such as Armed Forces Recruiting and The United States Government. Ardmore, Oklahoma is also considered a gateway to densely populated cities, including Norman and Oklahoma City, Oklahoma, in Oklahoma. The Court has authorized the Debtor to sell the Ardmore Mall to United Texas Bank as the highest and otherwise best bid for the Property with $10.8 million. The Debtor is authorized to assume the unexpired leases and executory contracts identified in the Assumption Motion, including all exhibits to the Assumption Motion, and assign them to Purchaser. The Notice of the Sale Motion and the Sale Hearing are approved as being fair, reasonable, and adequate under the circumstances, and any additional notice as may otherwise be required under state and federal law is hereby deemed satisfied. The Debtor is not in default under any leases or contracts proposed to be assumed in the Assumption Motion and therefore the Debtor is not required to make any cure payment, except as listed. About Mountain View Midstar LLC Joseph Mountain View Midstar LLC is a real estate company that leases nonresidential properties, including land and other commercial parcels not classified under traditional building categories. The Company operates in Hurst, Texas, and is associated with the Mountain View Mall and Shops at Ardmore. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42648) on July 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Joseph Acosta, Esq. at CONDON TOBIN. United Texas Bank, as lender, is represented by Jason M. Rudd, Esq., Scott D. Lawrence, Esq., Ethan A. Minshull, Esq., Catherine A. Curtis, Esq., and Meghan D. Young, Esq., at Wick Phillips Gould & Martin, LLP, in Dallas, Texas. MUNAWAR LAW: Examiner Hires Lowenstein Sandler as Counsel --------------------------------------------------------- The Examiner in the Chapter 11 case of Munawar Law Group PLLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Lowenstein Sandler LLP to serve as counsel in the case. Lowenstein Sandler will provide these services: (a) assist the Examiner with investigating the veracity of the material information the Debtor has disclosed in this Chapter 11 Case, whether verbal or written; (b) assist the Examiner with investigating whether the Debtor has made transfers to Munawar & Hashmat or Munawar Andrews Santillo or other third parties that qualify as transfers under chapter 5 of the Bankruptcy Code; (c) assist the Examiner with investigating any fees that constitute property of the Debtor's estate and either were paid or otherwise are in the possession of the Predecessor Law Firms or other third parties; and (d) upon approval by the Court, assist the Examiner with investigating other relevant matters revealed which the Examiner, the Debtor or the UST believe should be brought to the attention of the Court. Lowenstein Sandler's current hourly rates are: Partners $775 to $2,175; Of Counsel $890 to $1,575; Senior Counsel and Counsel $675 to $1,595; Associates $550 to $1,150; and Paralegals, Practice Support and Assistants $225 to $505. The attorneys primarily responsible and their hourly rates are: Eric S. Chafetz $1,195 Michael Kaplan $1,135 and Mikayla Berliner $865 Lowenstein Sandler is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Eric S. Chafetz, Esq. LOWENSTEIN SANDLER LLP 1251 Avenue of the Americas New York, NY 10020 Telephone: (212) 262-6700 Facsimile: (212) 262-7402 E-mail: echafetz@lowenstein.com - and - Michael Kaplan, Esq. LOWENSTEIN SANDLER LLP One Lowenstein Drive Roseland, NJ 07068 Telephone: (973) 597-2500 E-mail: mkaplan@lowenstein.com About Munawar Law Group Munawar Law Group PLLC is operating as a legal services firm with offices in New York City and Jericho, New York. Munawar Law Group PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10020) on January 7, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Ronald D. Weiss, Esq., as counsel and MI Tax LLC as accountants. NAKED JUICE: BlackRock Debt Marks $559,000 Loan at 54% Off ---------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $559,000 loan extended to Naked Juice LLC to market at $257,667 or 46% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2025 FLSO Term Loan to Naked Juice LLC. The loan accrues interest at a rate of 7.65% (3-mo. CME Term SOFR at 0.50% Floor + 6.10%) per annum. The loan matures on January 24, 2030. BlackRock Debt under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Naked Juice LLC is the entity resulting from a spin-off from PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39% stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and other select juice brands. NAKED JUICE: BlackRock Debt Marks $831,000 Loan at 21% Off ---------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $831,000 loan extended to Naked Juice LLC to market at $659,673 or 79% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2025 FLSO Term Loan to Naked Juice LLC. The loan accrues interest at a rate of 7.65% (3-mo. CME Term SOFR at 0.50% Floor + 3.35%) per annum. The loan matures on May 25, 2029. BlackRock Debt under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Naked Juice LLC is the entity resulting from a spin-off from PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39% stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and other select juice brands. NB MOUNTAIN: Trustee to Employ Tucker Arensberg PC as Counsel ------------------------------------------------------------- Michael A. Shiner, the Chapter 11 Trustee for the estates of NB Mountain Valley, DST and NB Mountain Valley Leaseco, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Tucker Arensberg, P.C. as its counsel nunc pro tunc to September 9, 2025. The firm will provide these services: (a) advise the Trustee with respect to his powers and duties regarding the investigation of the Debtors' acts, conduct, assets, liabilities, financial condition, and the operation and desirability of continuing Debtors' businesses and retaining or disposing of Debtors' assets; (b) advise and consult on the conduct of these Chapter 11 Cases, including legal and administrative requirements of operating in Chapter 11; (c) attend meetings and negotiate with representatives of Debtors, creditors, and other parties in interest; (d) take necessary actions to protect and preserve the Debtors' estates, including prosecuting and defending litigation and representing the Trustee in negotiations concerning claims; (e) prepare pleadings including motions, applications, orders, reports, adversary proceedings, briefs, and other papers for the administration and/or liquidation of the Debtors' estates; (f) represent the Trustee in connection with cash collateral use and postpetition financing; (g) advise on potential sales or leases of assets; (h) appear before the Court and other tribunals to represent the Trustee's interests; (i) negotiate, prepare, and obtain approval of a disclosure statement and plan of reorganization or liquidation; (j) provide information concerning the estate and its administration to interested parties; and (k) perform all other necessary legal services, including analysis of leases, contracts, liens, tax, corporate, and litigation issues, and preparation of periodic operating reports. TAPC's discounted hourly rates range from $400 to $700 for shareholders, $225 to $450 for associates, and $125 to $225 for paraprofessionals. The projected blended rate is approximately $550 per hour. According to court filings, the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael A. Shiner, Esq. Tucker Arensberg, P.C. One PPG Place, Suite 1500 Pittsburgh, PA 15222 Telephone: (412) 594-5586 E-mail: mshiner@tuckerlaw.com About NB Mountain Valley, DST NB Mountain Valley, DST owns the Mountain Valley Apartments, a student- and professional-oriented residential complex located in Morgantown, West Virginia, near West Virginia University. NB Mountain Valley, DST and NB Mountain Valley Leaseco, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Case No. 25-00456) on August 19, 2025. In the petition signed by Patrick Nelson, principal, NB Mountain Valley, DST disclosed up to $50 million in both assets and liabilities. The Debtors tapped Barth & Thompson and Raines Feldman Littrell LLP as counsel and Meridian Management Partners LLC as restructuring advisor. Honorable Judge David L. Bissett oversees the case. Fannie Mae, as creditor, is represented by Jeffrey G. Wilhelm, Esq., and Jessica M. Barnes, Esq. at Reed Smith, LLP. NBA PROPERTIES: Hires Keller Williams Realty as Real Estate Broker ------------------------------------------------------------------ NBA Properties Inc seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to hire Brian Parsons of Keller Williams Realty to serve as real estate broker in its Chapter 11 case. Keller Williams will provide these services: (a) provide real estate brokerage services with respect to the property located at 3880 Shadow Grove Rd., Pasadena, CA 91107; and (b) market and sell the Debtor's real property located at 3880 Shadow Grove Rd., Pasadena, CA 91107. Mr. Parsons will receive a commission of 2.5% of the sales price, which is less than the customary 5% to 6% commission. Keller Williams Realty and Mr. Parsons are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Brian Parsons KELLER WILLIAMS REALTY Keller Williams Realty, LLC 1221 S Mopac Expy #400 Austin, TX 78746 About NBA Properties Inc. NBA Properties Inc. owns three assets in California -- Pasadena, Sierra Madre, and Victorville -- including 9.7 acres of vacant land subdivided into 37 lots. The portfolio is collectively valued at $7.25 million. NBA Properties Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14395) on May 27, 2025. In its petition, the Debtor reports total assets of $7,283,500 and total liabilities of $6,762,891. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtors are represented by Thomas B. Ure, Esq. at URE LAW FIRM. NIBA DESIGNS: Seeks Approval to Hire DMS Bookkeeping as Bookkeeper ------------------------------------------------------------------ NIBA Designs, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ DMS Bookkeeping, Inc. as bookkeeper. The firm will render these services: (a) virtual bookkeeping; (b) manage accounts payable and accounts receivable; (c) conduct monthly bank reconcilations; (d) payroll processing and sales tax filing; (e) generate invoices and send them to clients; and (f) general ledger review. The firm will be paid at a flat rate of $3,300 per month. In addition, the firm will seek reimbursement for expenses incurred. Danielle Scire, a bookkeeper at DMS Bookeeping, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Danielle Scire DMS Bookkeeping, Inc. 154 Main Street, Suite 104 Matawan, NJ 07747 About NIBA Designs Inc. NIBA Designs Inc. designs and manufactures custom luxury rugs for interior designers and architects, offering fully bespoke pieces handmade by artisans in India, Nepal, and Peru. The Company provides thousands of customizable rug designs in various styles and offers consultation services including custom renderings, color consulting, and product sampling for residential and commercial projects. Based in the United States, NIBA Designs works exclusively with GoodWeave-certified factories and is recognized in the design community for its craftsmanship, originality, and socially responsible production practices. NIBA Designs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19316) on August 13, 2025. In its petition, the Debtor reported total assets of $157,574 and total liabilities of $2,728,104. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor tapped Chad Van Horn, Esq., at Van Horn Law Group, PA as counsel and DMS Bookkeeping, Inc. as bookkeeper. NUMERICAL CONCEPTS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 10 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Numerical Concepts, Inc. About Numerical Concepts Inc. Numerical Concepts Inc. is a woman-owned manufacturer established in 1973, specializing in the design and fabrication of both custom-built machines and individual components for various industries worldwide. Operating from a 78,000-square-foot facility, the Company offers comprehensive services including machining, assembly, inspection, and testing with minimal subcontracting. Leveraging over 450 years of combined management and machinist experience, Numerical Concepts serves as a one-stop provider of complex equipment and parts with a focus on quality and customer satisfaction. Numerical Concepts Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-80405) on August 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Jason T. Mizzell, Esq., at Kroger, Gardis & Regas, LLP. NV FREIGHT: Seeks to Tap Modestas Law Offices as Bankruptcy Counsel ------------------------------------------------------------------- NV Freight, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Modestas Law Offices, PC as counsel. The firm will provide these services: (a) negotiate with creditors; (b) prepare a plan and financial statements; (c) examine and resolve claims filed against the estate; (d) prepare pleadings filed in the case; (e) interact with the Trustee in this case; (f) attend at court hearings; and (g) otherwise to represent the Debtor in matters before this court. Saulius Modestas, Esq., the primary attorney in this representation, will be billed at his hourly rate of $530 plus out-of-pocket expenses. Mr. Modestas disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Saulius Modestas, Esq. Modestas Law Offices, PC 401 S. Frontage Road, Ste. C Burr Ridge, IL 60527 Telephone: (312) 251-4460 Email: smodestas@modestaslaw.com About NV Freight Inc. NV Freight Inc. provides long-distance freight transportation services. The Company operates in the trucking industry, handling non-local cargo transport across various regions in the United States. NV Freight Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09610) on June 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Saulius Modestas, Esq., at Modestas Law Offices, PC. OMNICARE LLC: Gets OK to Tap $25MM Initial DIP, Gov't Clash Looms ----------------------------------------------------------------- Hilary Russ of Law360 reports that Omnicare LLC, a CVS Health unit serving long-term care facilities, secured Texas court approval Wednesday, September. 24, 2025, to tap $25 million in interim bankruptcy financing while facing a $949 million federal judgment tied to alleged illegal billing. About Omnicare LLC Omnicare LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80486). In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Jenner & Block LLP and Haynes Boone are serving as legal counsel, Houlihan Lokey is serving as investment banker and Alvarez & Marsal is serving as restructuring advisor to Omnicare. Stretto, Inc. serves as claims agent. OSTEEN'S LOAD: Court Denies Bid to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, denied as moot the motion filed by Osteen's Load and Go, LLC to extend its authority to use cash collateral. The bankruptcy court on September 15 confirmed the Debtor's Chapter 11 plan of reorganization. About Osteen's Load and Go Osteen's Load and Go, LLC is a dumpster rental service provider serving residential and commercial customers. Osteen's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06079) on November 7, 2024, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Larry Osteen, manager, signed the petition. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-498-6834 Email: jeff@bransonlaw.com PACKERS HOLDINGS: BlackRock Debt Marks $801,000 Loan at 46% Off --------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $801,000 loan extended to Packers Holdings LLC to market at $428,696 or 54% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2021 Term Loan to Packers Holdings LLC. The loan accrues interest at a rate of 7.68% (1-mo. CME Term SOFR at 0.75% Floor + 3.35%) per annum. The loan matures on March 9, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Packers Holdings, LLC, known as PSSI, founded in 1972 and headquartered in Kieler, Wisconsin, is a provider of contract sanitation services to the food processing industry in the U.S. and Canada. PAI HOLDCO: BlackRock Debt Marks $740,000 Loan at 24% Off --------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $740,000 loan extended to PAI Holdco, Inc to market at $565,795 or 76% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2020 Term Loan B to PAI Holdco, Inc. The loan accrues interest at a rate of 8.29% (3-mo. CME Term SOFR at 0.75% Floor + 4.01%) per annum. The loan matures on October 28, 2027. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 PAI Holdco, Inc. operates as an investment company. PAPER IMPEX: To Sell Volvo Equipment to One Click Auto for $13,000 ------------------------------------------------------------------ Paper Impex USA Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to sell Equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor wants to sell the Equipment known as 2020 Volvo 4V4NC9EH5LN209925. PSB Credit Services Inc. is the secured creditor and the holder of a duly perfected security equipment of the equipment. On September 5, 2025, The Debtor and buyer One Click Auto Ship Inc. executed a bill of sale of the Equipment with the purchase price of $13,000. The Debtor obtained a consent from PSB Credit Services Inc. to sell the Equipment to One Click. The Debtor, along with the counsel, has determined that the proposed purchase price constitutes fair market value based on the condition of the equipment. The closing date shall take place at a time and place mutually agreeable to the Seller and the Buyer. About Paper Impex USA Inc. Paper Impex USA Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-41618) on April 16, 2024, listing $2,724 in assets and $2,715,113 in liabilities. The petition was signed by Zafar Israilov as president. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq., at the LAW OFFICES OF ALLA KACHAN, P.C., serves as counsel of the Debtor. PARAGON MOVING: Unsecureds Will Get 10% of Claims in Plan --------------------------------------------------------- Paragon Moving & Storage, Inc. filed with the U.S. Bankruptcy Court for the District of Minnesota a Modified Plan of Reorganization dated September 17, 2025. The Debtor is a Minnesota-based moving and storage company established in 1989, currently headquartered in Plymouth. The Debtor has built a strong reputation in the residential, commercial, and designer logistics industries for over 35 years. The company provides full-service moving, short- and long-term storage, corporate relocation, and international freight solutions. In 2023 and 2024, facing declining liquidity, Paragon sought outside guidance to stabilize its finances. Unfortunately, rather than receiving sound restructuring advice, the company was steered toward merchant cash advance loans by its business consultant, Global Resources, LLC. These MCA arrangements offered fast cash advances under the guise of revenue-based financing, but with terms that proved extraordinarily burdensome to the company's cash flow. The Debtor and its counsel are actively investigating potential legal remedies in connection with the financial advice and services received from Global Resources, LLC, as well as the potentially predatory nature of certain merchant cash advance agreements. The Debtor believes it may have been induced into entering unfavorable financing arrangements through materially misleading guidance and possible undisclosed conflicts of interest. As part of the reorganization process, the Debtor's counsel has conducted a preliminary analysis of potential avoidance actions and other claims that may be pursued for the benefit of the estate and its creditors, should such actions prove feasible and cost-effective. The purpose of this Subchapter V case is to restructure secured and unsecured obligations into a feasible long-term plan and allow Paragon to continue as a going concern. The company remains operational and well-positioned for recovery, with positive projected cash flow for the summer peak season. With the assistance of Chapter 11 protections, the company seeks to preserve jobs, protect customers, and ultimately generate a meaningful recovery for all stakeholders through its ongoing business operations. Class 4 consists of General Unsecured Claims. The allowed unsecured claims total $553,103.97 (excluding disputed claims). This class includes all allowed unsecured claims not otherwise classified, including: * SBA Unsecured Portion: The unsecured portion of the U.S. Small Business Administration ("SBA") claim in the amount of $93,103.97, representing the balance of its total allowed claim in excess of the stipulated collateral value of $70,000. The claim is partially secured by a blanket lien on the Debtor's inventory, equipment, accounts, intangibles, and proceeds thereof, junior to Security Bank Minnesota. The balance of the SBA's claim is unsecured and treated under this Class. * KLC Financial, Inc. Unsecured Portion: The claim of KLC Financial, Inc. in the amount of $46,073.45, as reflected in its filed Proof of Claim. Although KLC's claim is based on an equipment lease agreement and is supported by a UCC-1 financing statement, the creditor has expressly indicated on its Proof of Claim that this portion of the debt is not secured. Accordingly, the Debtor treats this portion of KLC's claim as a general unsecured claim in this Plan. The Debtor will pay 10% of the allowed general unsecured claims in a single lump-sum payment within 120 days after the Effective Date. Payment is anticipated to be funded through debtor-in-possession financing or other financing obtained by the Debtor, as described below. This payment will constitute full and final satisfaction of all allowed general unsecured claims under the Plan. The Debtor's obligation to make the Class 4 lump-sum distribution is not contingent upon final resolution of disputed claims. The Debtor will reserve in a segregated account an amount equal to 10% of the filed amount of each disputed claim. No distribution will be made on any disputed claim unless and until such claim is allowed by Final Order, at which time the reserve for that claim will be paid in full satisfaction of the claim under this Class. If a disputed claim is disallowed, the reserved funds will be released to the Debtor for use in its business operations. Funding of Class 4 Distributions and Working Capital. The Debtor intends and plans to fund the Class 4 distribution through new debtor-in-possession ("DIP") financing to be obtained on or before the Effective Date. The Debtor anticipates seeking a loan in the principal amount of approximately $85,000 from a commercial finance company or other lender. The proceeds of such financing will be allocated as follows: (i) approximately $50,000 to fund the 10% distribution to all allowed Class 4 claims, including reserves for disputed claims pending resolution; (ii) approximately $30,000 to provide post-confirmation working capital for ongoing business operations; and (iii) approximately $5,000 to cover loan origination fees, legal documentation costs, and other closing expenses associated with the DIP facility. Class 5 consists of the allowed unsecured claims of insiders David Pearson in the amount of $55,306 and Brenda Wirth in the amount of $103,239.98. These claims are classified separately from all other unsecured claims pursuant to Sections 1122 and 1123(a)(1) of the Bankruptcy Code. In accordance with the absolute subordination of insider claims and the terms of this Plan, no distribution shall be made on account of the Class 5 claims. Upon the Effective Date, the Class 5 claims shall be deemed discharged and satisfied without payment. Equity interests of Joshua Gjerdingen (90%) and David Pearson (10%) remain unimpaired. No new equity issued. The Debtor will fund the Plan through revenue from ongoing operations. Distributions to creditors will begin as follows: * Class 1 (Security Bank): Monthly payments of $1,100 on the 15th of each month. * Class 2 (KLC Financial, Inc.): Monthly payments of $456.15 on the 15th of each month. * Class 3 (SBA): Monthly payments of $731.00 on the 28th of each month. * Class 4 (Unsecured Creditors): 10% of the allowed general unsecured claims in a single lumpsum payment within 90 days after the Effective Date. * Class 5 Insider Unsecured Claims of David Pearson and Brenda Wirth. No Payments. * Class 6 Equity. Unimpaired. A full-text copy of the Modified Plan of Reorganization dated September 17, 2025 is available at https://urlcurt.com/u?l=u6fbBE from PacerMonitor.com at no charge. Counsel to the Debtor: BUTWINICK LAW OFFICE Jeffrey H. Butwinick, Esq. 7800 Metro Parkway, Suite 300 Bloomington, MN 55425 p. 651-210-5055 Email: jeff@butwinicklaw.com About Paragon Moving & Storage Inc. Paragon Moving & Storage Inc. offers residential, commercial, and international moving services, along with designer logistics and storage solutions. Founded in 1989, the company operates a 55,000-square-foot, temperature-controlled warehouse in the Twin Cities area, providing secure storage for military and civilian clients. Paragon partners with Wheaton World Wide Moving for interstate and global relocations. Paragon sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41513) on May 12, 2025. In its petition, the Debtor reported total assets of $267,899 and total liabilities of $1,022,870. The Debtor is represented by Jeffrey Butwinick, Esq., at Butwinick Law Office. KLC Financial, Inc., as secured creditor, is represented by: Dennis Dressler, Esq. Dressler & Peters, LLC 101 W. Grand Ave., Ste. 404 Chicago, IL 60654 Phone: 312-602-7360 Fax: 312-637-9378 ddressler@dresslerpeters.com PERATON CORP: BlackRock Debt Marks $3.01MM Loan at 48% Off ---------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $3,017,000 loan extended to Peraton Corp to market at $1,562,582 or 52% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a Second Lien Term Loan B1 to Peraton Corp. The loan accrues interest at a rate of 8.84% (3-mo. CME Term SOFR + 7.85%) per annum. The loan matures on February 1, 2029. BlackRock Debt under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Peraton is a leading national security company delivering mission-critical technologies and IT solutions to protect the U.S. and its allies. PERFECT VIEWS: Seeks Chapter 7 Bankruptcy in Florida ---------------------------------------------------- On September 23, 2025, Perfect Views LLC sought Chapter 7 protection in the Middle District of Florida, according to case no. 25-06035. The company reported $0–$100,000 in debts and 1–49 creditors. About Perfect Views LLC Perfect Views LLC is a single asset real estate company. Perfect Views LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06035) on September 23, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Camille Sebreth, Esq. of Law Office Of Camille Sebreth PLLC. PLAZA 106: Seeks to Hire Diaz & Larsen as Bankruptcy Counsel ------------------------------------------------------------ Plaza 106, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Diaz & Larsen as counsel. The firm's services include: (a) advise the Debtor of its rights, powers, and duties; (b) take all necessary action to protect and preserve the estate of the Debtor; (c) assist in preparing on behalf of the Debtor all necessary legal papers in connection with the administration of its estate; (d) assist in presenting the Debtor's proposed plan of reorganization and all related transactions and any related revisions, amendments, etc.; and (e) perform all other necessary legal services in connection with this Chapter 11 case. The firm received a retainer of $42,000 from the Debtor. Andres Diaz, an attorney at Diaz & Larsen, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andres Diaz, Esq. Diaz & Larsen 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Telephone: (801) 596-1661 Facsimile: (801) 359-6803 Email: courtmail@adexpresslaw.com About Plaza 106 LLC Plaza 106 LLC, based in Price, Utah, operates in the Iron and Steel Mills and Ferroalloy Manufacturing industry, producing and processing ferrous metals and related materials. Plaza 106 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-25459) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented Andres Diaz, Esq. at Diaz & Larsen. PRIVATE LENDER: Investor Contribution & Income to Fund Plan ----------------------------------------------------------- Private Lender Network, LLC C ("PLN") filed with the U.S. Bankruptcy Court for the Western District of Texas a Disclosure Statement describing Chapter 11 Plan dated September 17, 2025. The Debtor is a Texas limited liability company. The Debtor's business is to administer loans and perform related services for individual and institutional investors. The Manager of the Debtor is Grady E. Collins. The Debtor is 100% owned by Noble Capital Ventures, LLC, whose Manager is Jadon F. Newman. The Debtor has been in business since 2005 and was formerly known as Noble Capital Servicing LLC. It is currently servicing 23 loans. In each case, the Debtor enters into certain Loan Servicing Agreements ("LSAs") with its investors, which spell out the rights and responsibilities of each party. PLN sought bankruptcy protection due to the Receiver's action filed April 14, 2025, which impacted PLN's ability to do business by seeking to prevent or reverse ordinary-course transfers and lien releases. The Plan channels (i) the Debtor's quarterly Net Disposable Income and (ii) a $100,000 investor contribution into a distribution fund, pays administrative and priority claims first, and then distributes pro rata to general unsecured creditors. Disputed litigation claims, House Mosaic (Class 2) and Quy (Class 3), are separately classified with estimation/temporary allowance procedures and dedicated reserves so the Bankruptcy Case can move forward while appeals proceed. In the instance that House Mosaic prevails in its appeal and, per a final order, adjudged to have an Allowed Secured Claim, it will recover the net sale proceeds of the Estate's interest in 2405 Tower under Section 1129(b)(2)(A) of the Bankruptcy Code, with any shortfall treated as a Class 4 unsecured deficiency; if, at the conclusion of the appeal, House Mosaic has an allowed claim that is not secured, House Mosaic will share in Class 4 (General Unsecured) pro rata. Similarly, if Quy prevails in the pending appeal regarding its judgment for specific performance and if House Mosaic is not secured, the Tower sale to Quy will proceed and net proceeds flow to Tower investors consistent with Section 541(d) of the Bankruptcy Code and the Servicing Agreements. Class 4 consists of General Unsecured Claims (nonpriority). Each Holder of an Allowed Class 4 Claim shall receive, in full satisfaction of such Claim, its Pro Rata share of Class 4 Distributions funded from: (i) the $100,000 Investor Contribution; (ii) cash deposited into the Plan Fund during the Plan Term of 24 months, consisting of a minimum deposit of $1,000 per month by the Reorganized Debtor; and (iii) net proceeds of estate asset monetizations and estate litigation recoveries (for the avoidance of doubt, investor-beneficial proceeds are excluded consistent with Section 541(d)) of the Bankruptcy Code. A Disputed Claims Reserve will be maintained for unresolved Class 4 Claims. No post-petition interest shall accrue or be paid on Class 4 Claims unless the Estate is determined to be solvent by Final Order. Class 4 Distributions shall be made quarterly, beginning with the first quarter after the Effective Date. Class 4 is impaired. Class 4 is impaired. Class 5 consists of Allowed nonpriority general unsecured claims of a single holder in an aggregate amount ≤ $5,000 (excluding Claims in Classes 2 and 3 and Insider/Affiliate Claims). In full satisfaction, each Allowed Class 5 Claim shall receive 95% in Cash on the Initial Distribution Date (no later than 30 days after the Effective Date), without interest. A Holder of a larger general unsecured claim may irrevocably elect (by the Voting Deadline) to reduce its claim to $5,000 and receive $4,750 under this Class; otherwise the claim is treated in Class 4. Claims held by the same Holder are aggregated (no claim-splitting or transfers to qualify). Disputed Class 5 Claims will be reserved at the Class 5 amount and paid promptly after allowance. Class 5 is Impaired. Class 6 consists of Equity Interests. The membership interests shall be retained by Noble Capital Ventures, LLC only upon (and expressly conditioned on) the irrevocable payment of the $100,000 Investor Contribution into the Plan Fund on or before the Effective Date and compliance with this Plan's governance/reporting obligations; if not timely funded, all Class 6 interests are automatically cancelled without further order, and the Reorganized Debtor may issue new interests as necessary to implement the Plan. Class 6 shall receive no distributions unless and until all Allowed Claims (including any subsequently Allowed Disputed Claims) are paid in full as provided herein; thereafter, residual value, if any, may be distributed to Class 6 consistent with applicable law. Class 6 waives any right to pre-Effective Date dividends or distributions and agrees that no management fees or insider distributions shall be paid from estate property except as expressly authorized by this Plan. Class 6 is Impaired. The Debtor believes the Plan is feasible because (i) the $100,000 investor contribution is funded on the Effective Date, (ii) ongoing operations are expected to generate Net Disposable Income sufficient to pay administrative and priority obligations when due and to make quarterly distributions to unsecured creditors, and (iii) the Plan uses a simple Plan Fund/waterfall with built-in reserves (including a Disputed Claims Reserve and the HM Deficiency Reserve) so litigation can run its course without stalling distributions. A full-text copy of the Disclosure Statement dated September 17, 2025 is available at https://urlcurt.com/u?l=eMIJF6 from PacerMonitor.com at no charge. Counsel to the Debtor: Ron Satija, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Tel: (737) 881-7102 Email: rsatija@haywardfirm.com About Private Lender Network Private Lender Network, LLC operates in the credit intermediation sector, providing financing solutions for fix-and-flip, new construction, and multifamily projects, along with bridge loan services. Headquartered in Austin, Texas, the company primarily functions as a wholesale lender, partnering with brokers and leveraging investor capital to fund loans. Private Lender Network sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10742) on May 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by Ron Satija, Esq., at Hayward, PLLC. R.W. SIDLEY: Seeks to Hire Root Spitznas & Smiley as Accountant --------------------------------------------------------------- R.W. Sidley, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Root, Spitznas & Smiley, Inc. as accountant. The firm will render tax return preparation services, audit services of the defined benefit and 401k plans, as RSS provided before the petition date. The firm will be paid at these hourly rates: Randy Gehrlein, Partner $275 Staff $35 - $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received $56,000 from the Debtor during the preceding one year before the petition date. Mr. Gehrlein disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Randy Gehrlein Root, Spitznas & Smiley, Inc. 5473 Village Common Drive Suite 205 Erie, PA 16506 About R.W. Sidley Inc. R.W. Sidley Inc. is a construction materials company based in Thompson, Ohio. R.W. Sidley sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtor tapped Anthony J. DeGirolamo, Esq., as counsel and Root, Spitznas & Smiley, Inc. as accountant. RELIABLE SECURITY: Unsecureds Will Get 4.72% of Claims in Plan -------------------------------------------------------------- Reliable Security Staffing LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated September 17, 2025. The Debtor is a Georgia limited liability company. Debtor operates as a full-service security firm that delivers professional security solutions across a wide range of industries (the "Business"). On November 6, 2020, Debtor entered into a Recourse Receivables Purchase & Security Agreement (the "Porter Factoring Agreement") with Porter Capital Corporation. Through this Porter Factoring Agreement, Debtor would send all of its accounts receivable (its "Receivables") to Porter for collection. Porter would purchase certain Receivables and advance funds to Debtor at a rate of 90% of the face value of those purchased Receivables. Due to Porter having elected not to enter into a post-petition factoring agreement with the Debtor, Debtor entered into a new factoring relationship with a factor named Gateway Commercial Finance, LLC, and the Debtor sought court approval by filing with the Court on June 23, 2025, the Debtor's Emergency Motion for (i) Interim Approval of a Post-Petition Master Purchase and Sales Agreement (as supplemented by a Post-Petition Chapter 11 Bankruptcy Rider) with Gateway and (ii) Interim Approval of Debtor-in-Possession Financing and Adequate Protection. The post-petition Master Purchase and Sales Agreement as supplemented by a PostPetition Chapter 11 Bankruptcy Rider between the Debtor and Gateway (referred to collectively as, the "Gateway Factoring Agreement") was approved by the Court on a final basis on July 24, 2025. Debtor is continuing to operate its Business and is continuing to receive purchase price advances from Gateway in exchange for selling Receivables to Gateway pursuant to the Gateway Factoring Agreement. The Debtor's Plan will be funded from its future revenue streams from advances that the Debtor may receive from Gateway by continuing to offer to sell to Gateway Receivables created postconfirmation as a result of the Security Staffing Services the Debtor performs for its customers under staffing agreements between the Debtor and those customers. Debtor is seeking to expand and is attempting to secure new and additional contracts to fuel its growth. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 10 consists of general unsecured claims and any other claims not otherwise specifically classified in the Plan, including deficiency claims pursuant to Section of the Bankruptcy Code and any Allowed rejection damages (collectively, the "Class 10 General Unsecured Claims"). The allowed unsecured claims total $988,975.64. This Class will receive a distribution of $46,707.16 or 4.72% of their allowed claims. The Class 10 General Unsecured Claims are Impaired by the Plan and the Holders of the Class 10 General Unsecured Claims are entitled to vote to accept or reject the Plan. Notwithstanding anything else in this Plan to the contrary, any Class 10 General Unsecured Claim shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor and Debtor's obligations hereunder shall be reduced accordingly. Class 11 consists of the Equity Claims. Latonya Long holds 100% of the equity in Debtor. The holders of Equity Claims shall retain their interests in the shares in Debtor. The holders of Class 11 Claims are not Impaired by the Plan and the holders of the Class 11 Claims are conclusively deemed to have accepted the plan. Plan Payment Procedures "Administrative and General Unsecured Creditors Payment" means the projected disposable income of the Debtor to be received in the three-year-period beginning on the date that the first payment is due to the General Unsecured Creditors under this Plan, which will be applied to make payments under the Plan. The Administrative and General Unsecured Creditors Payment shall be fixed based upon the amount set forth on the Budget. Payments in Satisfaction. Debtors shall pay the Administrative and General Unsecured Creditors Payment in full satisfaction of its obligations to (i) Administrative Expense Claims, and (ii) Class 10 General Unsecured Claims. Upon confirmation, Debtor will be charged with administration of the Case. Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtor will file all post-confirmation reports required by the United States Trustee's office. Debtor will also file the necessary final reports and may apply for a final decree after substantial consummation at such time as Debtor deems appropriate unless otherwise required by the Bankruptcy Court. The source of funds for the payments pursuant to the Plan is the continued operations of Debtor. A full-text copy of the Plan of Reorganization dated September 17, 2025 is available at https://urlcurt.com/u?l=xwC9fW from PacerMonitor.com at no charge. Counsel to the Debtor: Mark D. Gensburg, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 About Reliable Security Staffing Reliable Security Staffing LLC provides security guard services across Georgia, serving clients in retail, corporate, residential, event, and construction sectors. Reliable Security Staffing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56853) on June 20, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Paul Baisier handles the case. The Debtors are represented by Mark D. Gensburg, Esq. at JONES & WALDEN LLC. RICHFIELD NURSING: Hires Capozzi Adler as Special Counsel --------------------------------------------------------- Richfield Nursing and Rehabilitation LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Capozzi Adler, P.C. to serve as special counsel in its Chapter 11 case. Capozzi Adler will provide these services: (a) represent the Debtor in all CCRC Licensure and Compliance matters; (b) handle other licensing issues not related to the bankruptcy proceeding; and (c) perform such services as are necessary and appropriate in connection with the foregoing matters. Capozzi Adler will receive these hourly rates: Attorneys $400 to $550; Paralegals $150; Law Clerks $200; and Reimbursement Analysis $275. The firm is owed approximately $5,388.77 for pre-petition services. Capozzi Adler believes that it represents no interest adverse to the Debtor and has no connection with the Debtor's creditors. Because the firm is being retained as special counsel, the disinterestedness standard does not apply as set forth in Section 327(c) and 1195 of the Bankruptcy Code. The firm can be reached at: Louis J. Capozzi, Jr., Esq. Capozzi Adler, P.C. 2933 N. Front Street Harrisburg, PA 17110 Telephone: (717) 233-4101 E-mail: louc@capozziadler.com About Richfield Nursing and Rehabilitation Richfield Nursing and Rehabilitation, LLC and affiliates are operators of skilled nursing and rehabilitation centers across Pennsylvania. Each location provides a range of services, including short-term rehabilitation, long-term care, and therapy. Richfield Nursing and Rehabilitation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-01599) on June 4, 2025. In its petition, Richfield Nursing and Rehabilitation reported between $1 million and $10 million in assets and liabilities. Judge Henry W. Van Eck handles the cases. The Debtors are represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C. RICHFIELD NURSING: Seeks to Hire Capozzi Adler as Special Counsel ----------------------------------------------------------------- Richfield Nursing and Rehabilitation LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Capozzi Adler, PC as special counsel. The firm will render all Continuing Care Retirement Community (CCRC) Licensure and Compliance and other matters not related to the bankruptcy proceeding. The firm will be paid at these hourly rates: Paralegals $250 - $300 Reimbursement Analysis $275 Law Clerks $200 Louis Capozzi, Jr., Esq., president of Capozzi Adler, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Louis J. Capozzi Jr., Esq. Capozzi Adler, PC 2933 N. Front Street Harrisburg, PA 17110 Telephone: (717) 233-4101 Email: louc@capozziadler.com About Richfield Nursing and Rehabilitation Richfield Nursing and Rehabilitation, LLC and affiliates are operators of skilled nursing and rehabilitation centers across Pennsylvania. Each location provides a range of services, including short-term rehabilitation, long-term care, and therapy. Richfield Nursing and Rehabilitation and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-01599) on June 4, 2025. In its petition, Richfield Nursing and Rehabilitation reported between $1 million and $10 million in assets and liabilities. Judge Henry W. Van Eck handles the cases. The Debtors tapped Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, PC as counsel and Capozzi Adler, PC as special counsel. RIVERS ENTERPRISE: S&P Affirms 'B+' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on Rivers Enterprise Borrower. At the same time, S&P assigned its 'B+' issue-level rating and '3' recovery rating to the proposed secured notes. S&P affirmed its ratings on Rivers' other debt, including its revolver. S&P said, "The stable outlook reflects our expectation that Rivers will reduce S&P Global Ratings-adjusted leverage to 4.8x in 2026 from about 5.1x as of June 30, 2025, pro forma for this transaction, supported by relatively stable operating performance and our expectation that management will use most of its discretionary cash flow (DCF) to reduce debt. "We affirmed our 'B+' rating despite increased leverage over the near term. The addition of Rivers Pittsburgh improves the diversity of Rivers' portfolio and increases its EBITDA base about 45%." Pro forma for the transaction, Rivers will have a moderately diversified gaming portfolio (across four gaming markets) and hold solid competitive positions in Pittsburgh; Schenectady, N.Y.; and Portsmouth. Its EBITDA concentration from Rivers Portsmouth reduces from over half to about 40%. Rivers Pittsburgh will account for about 30% of EBITDA, with the remaining 30% split between Rivers Schenectady and Rivers Philadelphia. Rivers Enterprise Borrower LLC intends to acquire the equity stake of Rivers Casino Pittsburgh from majority owner Walton Street Majestic Star Holdings and other minority investors for approximately $550 million. Rivers' majority owner, the Bluhm family, will roll its existing minority equity stake in Rivers Pittsburgh into Rivers Enterprise Borrower in conjunction with this transaction. It plans to fund the acquisition and repayment of Rivers Pittsburgh's debt with proceeds from an upsized $550 million revolving credit facility due in 2030 and $600 million senior secured notes due in 2030. Despite an increase in pro forma S&P Global Ratings-adjusted leverage to about 5x from about 4x, S&P believes this transaction moderately improves Rivers' geographic diversity, reduces EBITDA concentration in Portsmouth, Va., and increases EBITDA about 45%. S&P Global Ratings affirmed its 'B+' issuer credit rating on Rivers Enterprise Borrower. Rivers Schenectady, Philadelphia, and Pittsburgh operate in stable competitive markets and limited license jurisdictions. However, Rivers Portsmouth, the newest property that opened in January 2023, operates in a new market as the first full casino in Virginia with a changing competitive landscape. Since its opening, Rivers Portsmouth has performed well due to limited nearby competition, the closest more than 180 miles away in Danville, Va. (Caesars), and Oxon Hill, Md. (MGM). Virginia is a relatively new gaming market and is currently limited to five gaming licenses for full-service casinos, which have all been allocated. Rivers Portsmouth will face new competition at the end of the year with the opening of Boyd's temporary casino 7 miles away in Norfolk, Va. Although S&P expects Boyd's temporary facility will be smaller with few amenities, it may attract Rivers Portsmouth players who live closer to Norfolk, given that convenience is an important factor for regional gaming customers. For example, most Rivers Portsmouth players live within 25 miles of the casino. The opening of Caesars' permanent casino in Danville at the end of 2024 has not had a material impact on Rivers Portsmouth, with revenue increasing about 3% in the first half of 2025. S&P said, "We expect more significant competition beginning in 2028 when Boyd is to open its permanent casino and hotel. We also expect Rivers Portsmouth could face some competition from the temporary Live! Virginia casino when it opens in Petersburg, Va., in early 2026. This property is about 70 miles from Portsmouth, thus we anticipate it will likely have a more-muted impact." Rivers Pittsburgh has a leading position a crowded market. It competes directly with five casinos, none within a 25-mile radius. Furthermore, it has an advantageous location near sports arenas and the convention center. The casino enjoys a leading market share of gaming revenue (about 40%). Its nearest competitor, Hollywood Casino at The Meadows, generates about half of Rivers Pittsburgh's gross gaming revenue. The Hollywood Casino is approximately 25 miles from Rivers Pittsburgh. The next largest competitor, Live!, is about 40 miles away and generates about one-third of Rivers Pittsburgh's gross gaming revenue. The other competitors are between 40 and 60 miles away and split 25% of the market. In the first half of 2025, revenue and EBITDA declined 3%, mostly due to a decline in brick-and-mortar gaming revenue, as its online gaming revenue did not grow enough to offset the slight cannibalization of on premises revenue. Over the next two years, S&P expects Rivers Pittsburgh will generate relatively stable results as a market leader, with risk of some decline in EBITDA if it cannot offset this trend. Rivers Schenectady, which competes with the Saratoga Casino about 20 miles away, accounts for about 60% of the market's gross gaming revenue and is closer to the population center of Albany, N.Y. S&P said, "The upstate New York gaming market is well established, and we do not expect new nearby competition because the state will likely award the three remaining licenses to downstate operators. We expect this stable market to expand in the low-single-digit percentage area. Despite flat revenue and an 18% decline in property-level EBITDA in 2024, Rivers Schenectady returned to growth in the first half of 2025 with about 6% higher revenue and 10% higher EBITDA." In contrast, Rivers Philadelphia operates in a highly competitive market with four casinos in a 25-mile radius: Live! Philadelphia (6 miles), Parx Casino (17 miles), Harrah's Philadelphia (20 miles), and Valley Forge (23 miles). Parx Casino holds the largest market share at about 43%, while the remaining operators split the rest (Live! [20%], Rivers Philadelphia [17%], Harrah's [10%], and Valley Forge [10%]). Similar to Pittsburgh, challenging revenue trends amid cannibalization by online gaming and digital sports betting have affected the market. Rivers Philadelphia has offset declines in brick-and-mortar revenue with more online revenue for a total increase of about 6% in the first half of 2025. Brick-and-mortar revenue improved 6% in the second quarter as the hotel ramped up operations and hold improved. However, poor hold and increased expenses mostly because of higher gaming taxes stemming from the shift to online gaming revenue, which is taxed at a higher rate, led to about a 9% decline in EBITDA in the first half. Rivers Philadelphia faces particularly strong competition from Live! Philadelphia, its closest competitor, which is a newer property that opened in 2021 and has been marketing aggressively. S&P said, "Leverage of 4.8x next year is a solid cushion to our 5.25x downgrade threshold to absorb new competition in Portsmouth. Pro forma for this transaction, we expect S&P Global Ratings-adjusted leverage will be about 5x at the end of 2025. For 2025, we forecast Rivers will increase revenue by the low-single-digit percent area, in line with the expansion in U.S. consumer spending, as strong online gaming growth offsets a brick-and-mortar decline at the Pennsylvania properties. We assume EBITDA margins will be stable in 2025 relative to 2024 at about 25%. In 2026, we assume some minimal impact to Rivers Portsmouth from Boyd's new temporary facility in Norfolk and that the rest of the portfolio should expand in the low-single-digit percent area. We anticipate a small improvement in adjusted EBITDA margins from lower management fees at Rivers Pittsburgh after the transaction. "We believe management is committed to reducing debt and has repaid $40 million of revolver borrowings since the close of the February 2025 transaction that consolidated the three casinos. We assume that Rivers will use most of its DCF and excess cash on Rivers Pittsburgh's balance sheet to reduce debt. Therefore, we forecast S&P Global Ratings-adjusted leverage will decline to 4.8x by the end of 2026, which will provide it with some cushion to absorb unexpected operating volatility." Macroeconomic risks could impede consumer discretionary spending, though River's geographic diversity, solid market positions in three of its regional gaming markets and continued digital growth may lessen their impact. Rising unemployment and inflation risks from tariffs could weaken consumer spending. S&P said, "However, we also believe that regional gaming operators could benefit from more discretionary spending that results from income tax reductions in the U.S. spending and tax bill passed in July 2025. Nevertheless, like most regional operators, Rivers generates most of its cash flow from a small percentage of customers in its databases. Therefore, if these customers remain relatively healthy and Rivers maintains its cost controls and marketing discipline, we believe it will have some cushion to navigate a pullback." S&P said, "In the first half of 2025, Rivers expanded revenue by a low-single-digit percentage, in line with our previous forecast. We expect that its moderately diversified portfolio in stable markets should continue this improvement over the next two years. Nevertheless, Rivers could underperform our base-case forecast if consumer discretionary spending in its markets pulls back more than expected. "The stable outlook reflects our expectation that Rivers' S&P Global Ratings-adjusted leverage will decline to 4.8x in 2026 from about 5.1x as of June 30, pro forma for this transaction, supported by relatively stable operating performance and our expectation that management will use most of its DCF to reduce debt. We expect it will increase leverage cushion relative to our 5.25x downgrade threshold to absorb unexpected operating volatility and the expected arrival of new competition near Rivers Portsmouth by 2026." S&P could lower its rating on Rivers if: -- Operating performance deteriorates because of weaker demand or greater-than-expected headwinds from new competition, particularly in Virginia, that sustains leverage of more than 5.25x; or -- While less likely, the company pursues acquisitions or developments that sustain leverage of more than 5.25x absent a material improvement in our assessment of its business risk. S&P said, "We view an upgrade as unlikely over the next two years, given that this transaction meaningfully increases leverage. In addition, we expect declining EBITDA and increased leverage once Boyd opens its permanent casino near Rivers Portsmouth at the end of 2027. However, we could raise our rating on Rivers if it sustains leverage below 4x after incorporating the impact of new competition and expected distributions to its owners." RMKD LIQUORS: Claims to be Paid from Asset Sale Proceeds -------------------------------------------------------- RMKD Liquors Inc., d/b/a Columbia Wine Co., filed with the U.S. Bankruptcy Court for the Southern District of New York a Subchapter V Plan of Reorganization dated September 16, 2025. The Debtor is a retail liquor store in New York that specializes in selling alcoholic beverages. The Debtor is a New York Corporation which maintains its principal place of business at 4038 Broadway, New York, New York 10032 in the building known as and located at 565 West 169th Street, New York, New York 10032 ("Business Location"), in the Washington Heights area of New York City. The primary reason for the Debtor's filing of the instant case was due to the significant loss of business due as a result of the COVID-19 pandemic which led to decreased business over the years. The Debtor struggled to maintain its Lease payments together with payments on its other financial obligations. Ultimately, the Debtor defaulted. The Debtor, faced with these challenges in meeting its financial obligations despite securing multiple loans, ultimately made the decision to sell substantially all of its assets. Pre-petition, the Debtor secured a business broker, RE/MAX ("Broker"), to secure a ready, willing and able purchaser for its business, which the Broker did. The Debtor has been negotiating with the potential purchaser and is hopeful that an asset purchase agreement will be finalized shortly. As stated, unsecured claims total $146,141.27. After secured, administrative and priority claims are paid in full, $0.00 will remain to be distributed to unsecured creditors of their timely filed claims under this Plan. The projection of the net sale proceeds from the gross sale price of $400,000 is the Debtor's projected disposable income. There will be no funds remaining after distribution to secured creditors on their validly held liens against the Debtor's assets and as such, unsecured creditors will receive $0.00 distribution under the Plan. This Plan under chapter 11 of Title 11 of the United States Code proposes to pay creditors of the Debtor from the net sale proceeds of substantially all of its assets. General Unsecured Creditors holding allowed claims will receive distributions which the Debtor has valued at approximately $0.00 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 6 consists of all Allowed General Unsecured Claims, which shall be paid $0.00 on its claim. Class 6 is impaired and is entitled to vote to accept or reject the Plan. Upon the effective date of the plan, the holder of the interests of the Debtor shall retain such interests. The distribution to the creditors of the Debtor is to be made after closing on the sale of substantially of the Debtor's assets to a potential purchaser together with existing cash of the Debtor in its DIP account. The Debtor specifically reserves all future income necessary for operating expenses and working capital. A full-text copy of the Subchapter V Plan dated September 16, 2025 is available at https://urlcurt.com/u?l=dRpJJ6 from PacerMonitor.com at no charge. Counsel to the Debtor: Jeb Singer, Esq. J. Singer Law Group, PLLC 1 Liberty Plaza, 23rd Floor New York, New York 10006 Telephone: (917) 806-5832 Email: jsinger@jsingerlawgroup.com About RMKD Liquors RMKD Liquors Inc. operates a retail liquor store in New York, offering a variety of alcoholic beverages including wine, vodka, whiskey, rum, tequila, and liqueurs. It also sells alcohol-related accessories such as bottle openers, wine bags, and wine keys, and occasionally stocks specialty items like cocktail mixers containing alcohol. RMKD Liquors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10940) on May 7, 2025. In its petition, the Debtor reported total assets of $127,400 and total liabilities of $1,440,174. Judge David S. Jones handles the case. The Debtor is represented by Jeb Singer, Esq., at J. Singer Law Group, PLLC. RMS CARRIERS: Court OKs Interim Use of Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the District of South Carolina issued an interim order granting RMS Carriers, LLC approval to use cash collateral. The interim order authorized the Debtor to use cash collateral pending a final hearing in accordance with the budget, subject to a 10% variance. The Debtor projects total operational expenses of $26,911 for September and $47,761 for October. As adequate protection for any diminution in its pre-bankruptcy cash collateral, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on post-petition cash collateral, with the same validity and priority as its pre-bankruptcy liens. Meanwhile, the Debtor was ordered to make payments to the Subchapter V trustee ($1,000 within 30 days, then $500 monthly thereafter). All professional fees require court approval before disbursement. A final hearing is scheduled for October 21. About RMS Carriers, LLC RMS Carriers, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-03590) on September 12, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Elisabetta Gm Gasparini oversees the case. The Debtor is represented by: William Harrison Penn, Esq. Penn Law Firm, LLC Tel: 803-771-8836 Email: hpenn@pennlawsc.com SALLY'S RESTAURANT: Seeks to Hire Gregory A. Flood as Counsel ------------------------------------------------------------- Sally's Restaurant LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ The Law Office of Gregory A. Flood as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties and the continued management of its property and affairs; (b) negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan; (c) prepare on behalf of the Debtor all necessary legal papers required for it that seek protection from its creditors under Chapter 11 of the Bankruptcy Code; (d) appear before the Bankruptcy Court to protect the interest of the Debtor and to represent it in all matters pending before the court; (e) represent the Debtor in connection with obtaining post-petition financing; (f) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (g) perform all other legal services of the Debtor which may be necessary for the preservation of its estate and to promote the best interest of it, its creditors and its estate. Gregory Flood, Esq., the primary attorney in its representation, will be billed at his hourly rate of $300. The firm received a pre-petition retainer of $2,250 and the filing fee of $1,738 from the Debtor. Mr. Flood disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gregory A. Flood, Esq. Law Office of Gregory A. Flood 900 South Ave. Ste. 300 Staten Island, NY 10314 Telephone: (718) 568-3678 About Sally's Restaurant LLC Sally's Restaurant LLC is a food service business operating in Brooklyn, New York. Sally's Restaurant LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-4384) on August 8, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Gregory A. Flood, Esq., at the Law Offices of Gregory A. Flood. SERVICE PROPERTIES: S&P Rates $580MM Zero-Coupon Sec. Notes 'B+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '2' recovery rating to Service Properties Trust's (SVC) new zero-coupon senior secured notes. The company issued an aggregate principal amount at maturity of $580.2 million of the notes due September 2027, with a 12-month extension option. If the extension option is exercised, interest payments will be due semi-annually during the extension period at an initial interest rate of 7.50% with increases of 25 basis points (bps) every 120 days that the notes remain outstanding. The new notes are guaranteed by certain of SVC's subsidiaries and secured by first-priority liens on the equity interests of subsidiaries that own and lease 36 travel center properties to TravelCenters of America Inc. pursuant to a master lease. S&P expects net proceeds of approximately $490 million will be used to redeem in full the company's outstanding 4.75% senior unsecured notes due October 2026--SVC announced the early redemption of these notes at a redemption price equal to the principal amount of $450 million, plus accrued and unpaid interest--and to repay amounts outstanding on its revolving credit facility. SEXTANT STAYS: Seeks to Extend Plan Exclusivity to November 24 -------------------------------------------------------------- Sextant Stays Inc. d/b/a Roami asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 24 and December 15, 2025, respectively. This is the Debtor's first motion for extension of the Exclusive Periods. The Debtor is only approximately four months into its Chapter 11 Case and given the Sale Dispute, it does not have enough information currently to formulate and execute on a proposed Chapter 11 plan. Notwithstanding the duration of this case, the Debtor has made significant progress to date in resolving the Sale Dispute to propose a confirmable Chapter 11 plan. Shortly after the Sale Dispute arose, the Debtor engaged in discussions with the Buyer to resolve the Sale Dispute. The Debtor explains that the company and Buyer are attempting to resolve the Sale Dispute as expeditiously as possible; however, they need the full 45day reconciliation period to have the information necessary to resolve the Sale Dispute. Given the progress made to date, the administration of this Chapter 11 Case and the negotiation, formulation, and filing of a Chapter 11 plan will necessarily require a short period of additional time and effort. Under these circumstances, the requested extensions of the Exclusive Periods are necessary and appropriate. The Debtor claims that it commenced formulation of a Chapter 11 plan and is evaluating the characteristics of its plan, including the Debtor's net proceeds from the sale of substantially all of its assets to the Buyer. Furthermore, the Debtor is currently focused on resolving the Sale Dispute. Once resolved the Debtor is prepared to quickly proceed with the filing of a proposed Chapter 11 plan. Given the Debtor's progress, the Debtor submits that it has demonstrated a reasonable prospect for filing a confirmable Chapter 11 plan. The Debtor asserts that it is not seeking to use an extension to pressure creditors to submit to its demands. The short extension requested herein is necessary to provide creditors with the necessary information for it to determine whether to vote to accept or reject the Debtor's forthcoming Chapter 11 plan. As a result, no party-in-interest will be prejudiced if the requested extensions are granted. In fact, all parties-in-interest will benefit from the requested extension given that the Debtor's Chapter 11 plan will provide adequate information necessary for creditors to vote on the plan. The Debtor further asserts that it is working towards resolving the Sale Dispute, it has yet to be resolved and critical contingencies must be concluded vis-a-vis the reconciliation process for the Debtor to provide adequate information on its Chapter 11 plan to creditors. The Debtor is still currently working to resolve the Sale Dispute, with such resolution to occur shortly after October 4, 2025, the date at which the reconciliation process will conclude. Counsel for the Debtor: EDELBOIM LIEBERMAN PLLC Brett D. Lieberman, Esq. Alexander Lewitt, Esq. 2875 NE 191st St., Penthouse One Miami, FL 33180 Telephone: (305) 768-9909 Facsimile: (305) 928-1114 Email: brett@elrolaw.com Email: alex@elrolaw.com About Sextant Stays Sextant Stays, Inc., doing business as Roami, is a hospitality company that offers urban group travel accommodations in cities such as Miami and New Orleans. Founded in 2016, the company manages entire buildings to provide consistent, design-forward spaces aimed at delivering memorable and connected travel experiences. Sextant Stays' approach bridges the gap between traditional hotels and inconsistent vacation rentals, catering to modern travelers seeking comfort, reliability, and style. Sextant Stays sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27, 2025, listing $5,033,274 in assets and $15,895,759 in liabilities. Andreas King-Geovanis, chief executive officer of Sextant Stays, signed the petition. Judge Robert A. Mark oversees the case. Brett Lieberman, Esq., at Edelboim Lieberman, PLLC represents the Debtor as legal counsel. SIRVA WORLDWIDE: BlackRock Debt Marks $1.04MM Loan at 61% Off ------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $1,046,000 loan extended to SIRVA Worldwide, Inc to market at $407,802 or 39% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2021 Term Loan C to SIRVA Worldwide, Inc. The loan accrues interest at a rate of 12.32% (3-mo. CME Term SOFR at 2% Floor + 8%) per annum. The loan matures on August 20, 2029. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 SIRVA Worldwide, Inc., headquartered in Westmont, Illinois, is a wholly owned operating subsidiary of SIRVA, Inc., which provides relocation services, including transferring corporate and government employees and moving individual consumers. SOLENIS HOLDING: S&P Rates Subsidiary's Senior Secured Notes 'B-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to the proposed $2.55 billion U.S. dollar- and euro-denominated senior secured notes due 2033 issued by Solenis Holding Ltd.'s subsidiary Olympus Water US Holding Corp. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. S&P expects the company will use the proceeds from these notes to pay off its existing $1.7 billion senior secured notes due 2028 and EUR630 million senior secured notes due 2028. Issue Ratings--Recovery Analysis Key analytical factors -- The term loans and senior secured notes are secured by a first-lien interest in all nonworking capital assets, including capital stock, equipment, intellectual property, and other assets of the borrower and guarantors (domestic), and a second lien on asset-based lending (ABL) collateral. -- The borrower and issuer under the senior secured and unsecured debt is Olympus Water US Holding Corp., jointly and severally guaranteed by the parent Solenis and by existing and future direct and indirect wholly owned material domestic subsidiaries. -- In the event of an insolvency proceeding, S&P anticipates the company will likely file for bankruptcy protection under the auspices of the U.S. Federal Bankruptcy Court system and keep its foreign operations out of bankruptcy with respect to the jurisdictions where they are located. -- S&P's hypothetical default scenario for Solenis considers an extended recessionary environment that materially affects the markets that it operates in, such that pricing pressure and customer losses impair the company's operating performance. -- S&P anticipates that under such a scenario, a payment default could occur if Solenis' cash flow becomes inadequate to cover its fixed-charge requirements, mainly debt service and required capital expenditure, and it eventually uses up its liquidity. Simulated default assumptions -- Given Solenis' widely established operating platform, with operations worldwide and an extensive customer base, we anticipate that in the default scenario the company would likely reorganize and rationalize its operating structure by reducing costs and regaining some, if not all, of its margins in addition to restructuring its capital structure, then emerge from bankruptcy as a going concern. As such, we have employed a going-concern valuation approach using an estimated emergence EBITDA of $884 million and a 5.5x EBITDA multiple. -- Simulated year of default: 2027 -- Emergence EBITDA: $1.06 billion -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative expenses): Approximately $4.1 billion -- Valuation split (obligor/nonobligor): 37%/63% -- Domestic recovery value: $1.5 billion --Less: ABL outstanding at default: $115 million -- Net domestic recovery value available to first-lien debt: $1.4 billion -- Foreign recovery value: $2.6 billion --Less: ABL outstanding at default: $292 million --Less: Unpledged 35% of foreign stock value: $800 million -- Foreign stock pledge value: $1.5 billion -- Aggregate recovery value available to first-lien debt: $2.9 billion -- Estimated first-lien debt at default: $6.6 billion -- Unencumbered recovery value: $808 million -- Deficiency claim--first-lien debt: $3.7 billion -- Unsecured note debt: $700 million -- Total unsecured claims: $4.4 billion --First-lien recovery expectations: 50%-70% (rounded estimate: 50%) First-lien recoveries -- Domestic recovery value: About $2.99 billion --Less: ABL outstanding at default, capital leases, other: About $395 million -- Net domestic recovery value available to first-lien debt: About $2.6 billion -- Foreign recovery value: $2.45 billion --Less: ABL outstanding at default: $335 million --Less: Unpledged 35% of foreign stock value: $740 million -- Foreign stock pledge value: $1.37 billion -- Recovery value available to first-lien lenders from collateral: $3.97 billion -- Recovery value available to first-lien lenders from deficiency claim: $650 million -- Aggregate recovery value available to first-lien lenders: $4.62 billion -- Estimated first-lien debt at default: $9.2 billion --First-lien recovery expectations: 50%-70% (rounded estimate: 50%) Unsecured recoveries -- Aggregate recovery value from unpledged assets available to unsecured debt holders: $90 million -- Unsecured note debt: $707 million --Unsecured recovery expectations: 10%-30% (rounded estimate: 15%) SOUTHWESTERN MATTRESS: Closes Selma Location Amid Bankruptcy ------------------------------------------------------------ Factory Mattress has shuttered its Selma store at 14615 I-35, staff confirmed to Community Impact. The closure follows the June 7 bankruptcy filing of parent company Southwest Mattress Sales in Austin. Several Austin-area Factory Mattress stores have already closed as part of the restructuring, according to report. In San Antonio, additional locations are expected to wind down operations. A store off Hwy. 281 will close once inventory is sold, with west-side and San Pedro Avenue locations to follow, according to the company's liquidation team, the report states. About Southwestern Mattress Sales Inc. Southwestern Mattress Sales, Inc., d/b/a Factory Mattres, is a retailer of mattresses based in Austin, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10652) on June 7, 2024. In the petition signed by Stephen Frey, president, the Debtor disclosed up to $10 million in both assets and liabilities. Jason Binford, Esq., at ROSS, SMITH & BINFORD, PC, represents the Debtor as legal counsel. SPEEDHAUS 405: Seeks to Hire Blackwood Law Firm as Counsel ---------------------------------------------------------- Speedhaus 405, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Blackwood Law Firm, PLLC to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Attorneys $450 Legal Assistants and Law Clerks $100 In addition, the firm will seek reimbursement for expenses incurred. Amanda Blackwood, Esq., an attorney at Blackwood Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Amanda R. Blackwood, Esq. Blackwood Law Firm, PLLC 512 N.W. 12th Street Oklahoma, OK 73103 Telephone: (405) 309-3600 Facsimile: (405) 378-4466 Email: amanda@blackwoodlawfirm.com About Speedhaus 405 Speedhaus 405, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12852) on Sept. 15, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC. SPRINGS WINDOWS: BlackRock Debt Marks $658,000 Loan at 24% Off -------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $658,000 loan extended to Springs Windows Fashions, LLC to market at $501,333 or 76% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a First Lien Second out Term Loan A2 to Springs Windows Fashions, LLC. The loan accrues interest at a rate of 8.44% (1-mo. CME Term SOFR at 1% Floor + 4.11%) per annum. The loan matures on October 6, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Springs Window Fashions, LLC manufactures and distributes home furnishing products. The Company produces products such as blinds, shades, panels, and drapery hardware. Springs Window Fashions operates in the United States. STITCH ACQUISITION: BlackRock Debt Marks $205,000 Loan at 17% Off ----------------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $205,000 loan extended to Stitch Acquisition Corp to market at $170,174 or 83% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2024 Second out Term Loan to Stitch Acquisition Corp. The loan accrues interest at a rate of 12.06% (3-mo. CME Term SOFR + 7.50%) per annum. The loan matures on December 31, 2029. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Stitch Acquisition Corp. operates as SVP Worldwide, an American private company that designs, manufactures, and distributes consumer sewing machines and accessories around the world under three brands: Singer, Husqvarna Viking, and Pfaff. In 2021, Platinum Equity Partners entered into a definitive agreement to acquire SVP Worldwide from Ares Management for $484 million. Stitch Acquisition Corp. was created to be the financial reporting entity of SVP Worldwide going forward. STRIKE LLC: Trust Reaches Deal w/ Jackson Walker Over Judge Romance ------------------------------------------------------------------- Lynn LaRowe of Law360 Bankruptcy Authority reports that Strike LLC's liquidating trust has agreed to a $440,000 settlement with Jackson Walker LLP over allegations tied to a hidden relationship between a onetime firm lawyer and a former bankruptcy judge, the latest in a series of related resolutions. About Strike LLC Strike, LLC -- http://www.strikeusa.com/-- is a full-service pipeline, facilities, and energy infrastructure solutions provider. Headquartered in The Woodlands, Texas, Strike partners closely with clients all across North America, safely and successfully delivering a full range of integrated engineering, construction, maintenance, integrity, and specialty services that span the entire oil and gas life cycle. Strike and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-90054) on Dec. 6, 2021. In the petitions signed by CFO Sean Gore, Strike listed as much as $500 million in both assets and liabilities. The cases are handled by Judge David R. Jones. The Debtors tapped Jackson Walker LLP and White & Case LLP as legal counsels; Opportune, LLP as financial advisor; and Opportune Partners, LLC as investment banker. Epiq Corporate Restructuring, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors on Dec. 15, 2021. The committee is represented by Marty Brimmage, Esq. SUMMIT HARD: Court Approves Use of Cash Collateral -------------------------------------------------- Summit Hard Cider and Perry Company, LLC received approval from the U.S. Bankruptcy Court for the District of Colorado to use its lenders' cash collateral to fund operations. The court order authorized the Debtor to use cash from its pre-bankruptcy receivables, sales of inventory, and a newly established debtor-in-possession account to pay operating and administrative expenses as outlined in the approved budget. The creditors that have interest in the cash collateral include the U.S. Small Business Administration and taxing authorities such as The Colorado Department of Revenue, Larimer County Treasurer and the City of Fort Collins. As adequate protection, the Debtor will make a monthly payment of $460 to the SBA, $26.47 to Larimer County Treasurer, $70 to the City of Fort Collins, and $76.24 to the Colorado Department of Revenue. Payments will start on the 30th day of the month following final approval of the Debtor's bid to use cash collateral. The automatic stay provided for under Section 362 of the Bankruptcy Code was vacated to the limited extent to allow the creditors to accept payments on their secured debt. As further protection, the creditors were granted replacement liens on all collateral on which they held pre-bankruptcy security interests. These replacement liens maintain the same validity, priority, and secured value as the original pre-bankruptcy liens. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5wqJ2 from PacerMonitor.com. About Summit Hard Cider and Perry Company Summit Hard Cider and Perry Company LLC, operating in Fort Collins, Colorado, produces and sells craft hard ciders and perries, and operates a taproom and pub under the Scrumpy's brand, offering beverages and food to consumers. The Company also collects local fruit through a mobile juicing trailer to create both alcoholic and non-alcoholic drinks. Summit Hard Cider and Perry Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15079) on August 13, 2025. In its petition, the Debtor reports total assets of $164,233 and total liabilities of $2,663,400. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Payton L. Buhler, Esq., at Bell, Gould, Linder & Scott, P.C. TEXAS LEADERSHIP: S&P Raises 2021A Revenue Bonds Rating to 'BB+' ---------------------------------------------------------------- S&P Global Ratings raised its long-term rating to 'BB+' from 'BB' on Texas Leadership Charter Academy's series 2021A education revenue bonds, 2013Q tax-exempt direct pay qualified school construction bonds, 2013A tax-exempt education revenue bonds, and 2013B taxable education revenue bonds. The outlook is stable. S&P said, "The rating action reflects our view of the school's sizable and growing operating base supporting an improving liquidity position, positive full-accrual operations, and moderating debt position, which we expect will continue through the outlook period. "We analyzed environmental, social, and governance factors and consider them neutral in our credit rating analysis. In our view, Texas Leadership Charter Academy's board structure poses a potential conflict of interest, constituting an elevated governance structure risk. The superintendent serves on the six-member board of directors, and this, in our view, could pose conflicts of interest. Although leadership has a conflict-of-interest policy in place, we believe the board structure is not a best practice and presents a weakness in organizational structure that could result in risks regarding board effectiveness and independence. We view the school's environmental and social factors neutral in our analysis. "The stable outlook reflects our view that over the one-year outlook period, the school will maintain its steady-to-growing market position, positive operations, and debt levels. In addition, we expect that liquidity will continue improving over the outlook period. "We could take a negative rating action if the school experienced deficit operations that weakened lease-adjusted maximum annual debt service coverage to levels we no longer considered commensurate with the rating, if liquidity did not grow as expected, or if to the school took on additional debt without commensurate growth in financial resources. In addition, we could consider a negative rating action in the unlikely event that the demand profile weakened. "Though we are unlikely to do so over the outlook period, we could take a positive action over the longer term should the school demonstrate a sustained trend of improvement in its financial profile, including building liquidity and maintenance of lease-adjusted maximum annual debt service coverage consistent with those of higher-rated peers, while maintaining its demand profile." TLH-26 GILES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: TLH-26 Giles, LLC 1301 W Royal Palm Rd Boca Raton, FL 33486 Business Description: TLH-26 Giles, LLC classified its business as single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: September 23, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-21130 Judge: Hon. Mindy A Mora Debtor's Counsel: Bradley S. Shraiberg, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 Email: bss@slp.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Brian Tuttle as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NUQZHTY/TLH-26_Giles_LLC__flsbke-25-21130__0001.0.pdf?mcid=tGE4TAMA TMK HAWK: BlackRock Debt Marks $1.9MM Loan at 60% Off ----------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $1,918,000 loan extended to TMK Hawk Parent Corp to market at $1,150,948 or 60% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2024 Term Loan B to TMK Hawk Parent Corp. The loan accrues interest at a rate of 9.58% (1-mo. CME Term SOFR at 1.00% Floor + 2.00%, 3.25% PIK) per annum. The loan matures on June 30, 2029. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 TMK Hawk Parent Corp. is the holding company of TriMark USA, LLC, a foodservice equipment and supplies distributor. TOGETHER GOOD: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas entered a second interim order granting the Debtor limited authority to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through October 15 to pay operating expenses set forth in its budget. The Debtor's weekly disbursements must not exceed 10% of the total monthly budget and no single line item must exceed 20% of the monthly budgeted amount, according to the interim order. The Debtor's authority to use cash collateral will terminate on October 15; 10 days after the appointment of a Chapter 11 or 7 trustee in its bankruptcy case; or upon occurrence of an event of default that is not cured, whichever comes first. Creditors Astra Holdings, LP and Vintree Realty, LLC claim ownership of certain receivables worth at least $700,000, asserting the assignment of those receivables was not a loan transaction but a true sale. To resolve objections to its request for interim relief, the Debtor agreed to segregate and not use the proceeds of the receivables without the creditors' consent. As adequate protection, any creditor asserting a lien on the cash collateral will be granted a replacement lien on property acquired by the Debtor after its Chapter 11 filing that is similar to its pre-bankruptcy collateral. The replacement lien will have the same validity, priority and extent as the creditor's pre-bankruptcy lien. A final hearing on the motion is scheduled for October 14. Objections are due by October 7. About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Vickie L. Driver, Esq., at Driver Stephenson, PLLC. TPI COMPOSITES: Seeks to Sell Assets at Auction ----------------------------------------------- TPI Composites, Inc. and certain of its subsidiaries, seek approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors have been engaged in negotiations with their primary customers, GE Vernova, Inc. and Vestas Wind System A/S, regarding, among other things, the go-forward terms of their respective supply agreements with the Company. While the Debtors are still in active negotiations with GEV and Vestas, the parties have not reached a commercial agreement on renewed supply agreements. At the same time, the Debtors continue to experience cash constraints and, given the capital-intensive nature of the Debtors' business, those constraints impose a limited amount of time within which to implement any restructuring. Given the Debtors' current liquidity and their need to progress these cases regardless of whether they are ultimately able to reach deals with their customers, the Debtors have considered available alternatives to maximize the value of the Debtors' estates. One such alternative is the marketing and sale of the Debtors' assets, in whole or in part, including equity interests of non-Debtor foreign subsidiaries owned by the Debtors. Although the Debtors plan to continue discussions with GEV and Vestas, as well as with their secured lenders and other creditors regarding a potential plan of reorganization, the Debtors must now simultaneously pursue a sale to ensure they can maintain flexibility with respect to the path forward for these cases and the Debtors' estates. The Debtors seek approval of a fair and reasonable marketing and sale process to solicit bids for the Assets in one or more sale transactions. The Bid Procedures were designed with the objective of generating the greatest level of interest in, and highest or otherwise best value for, the Assets while affording the Debtors maximum flexibility to execute one or more Sale Transactions as quickly and efficiently as possible. The Debtors will solicit bids by 5:00 p.m. (Central Time) on October 22, 2025. To be deemed a "Qualified Bid," a bid must be received from a Qualified Bidder no later than the Bid Deadline and must: -- include sufficient evidence of such Qualified Bidder's ability to consummate the applicable proposed Sale Transaction and payment of the purchase price at the date such Sale Transaction is scheduled to close. -- is accompanied by a cash deposit by wire transfer to an escrow agent selected by the Debtors in an amount equal to the greater of (x) 10% of the cash purchase price of the bid and (y) $1,000,000 that will constitute liquidated damages to the Debtors if such Qualified Bidder defaults with respect to its offer, which deposit must be delivered to the Deposit Agent on or before the Bid Deadline -- Any bid that is not deemed a Qualified Bid will not be considered by the Debtors; provided, however, that, if the Debtors receive a bid prior to the Bid Deadline that does not satisfy the requirements of a Qualified Bid, the Debtors may, after consultation with the Consultation Parties, provide such Potential Bidder the opportunity to remedy deficiencies in such bid prior to the Auction. -- In the event there is an Auction, the Debtors, the Consultation Parties, the Auction Participants, the respective professionals of each of the foregoing parties, and the U.S. Trustee may participate and be heard at the Auction, but only the Auction Participants will be entitled to make subsequent Qualified Bids. Subsequent bidding will be in increments to be announced at the Auction on October 27, 2025 at 9:00 a.m. (Central Time). As soon as practicable after the Auction and in no event later than October 29, 2025, the Debtors will file with the Court and serve on the Sale Notice Parties. In connection with a Sale Transaction, the Debtors may seek to assume and assign one or more 365 Contracts designated by a Successful Bidder (or its designated assignee(s)). The Assumption and Assignment Procedures are designed to, among other things, govern the Debtor's provision of Adequate Assurance Information and provide notice of Cure Amounts to the relevant Counterparties. The Debtors submit that the Bid Procedures are fair and appropriate under the circumstances, consistent with procedures routinely approved by courts and in the best interest of the Debtors' estates. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TPI COMPOSITES: Shifts to Sell Assets as Cash Dwindles ------------------------------------------------------ James Nani of Bloomberg Law reports that wind turbine manufacturer TPI Composites Inc. is seeking to sell its assets in bankruptcy, a pivot from its original strategy to restructure its balance sheet and exit as a viable business. While TPI will continue to try to renegotiate supply agreements with primary customers GE Vernova Inc. and Vestas Wind System AS, a sale process has become necessary to deal with a cash crunch, the company said in an emergency motion Wednesday in the US Bankruptcy Court for the Southern District of Texas, the report states. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRI-BOROUGH HOME: No Patient Complaints, 1st PCO Report Says ------------------------------------------------------------ Joseph Tomaino, the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of New York his first report regarding the quality of patient care provided by Tri-Borough Home Care Ltd. The report covers the period from May 19 to September 15. On June 25, the PCO conducted an on-site visit at the Debtor's primary place of business in Brooklyn, N.Y. At that time, the PCO interviewed the operator, Kenrich Cort, and the director of professional services, Dr. Joyce Wills. Additionally, he interviewed Amanda Barker, the payroll manager. The PCO cited that the director of professional services reported that she is able to staff all cases with appropriate home health aides and supervising nurses. She reported no difficulty in providing them with necessary supplies. The payroll manager reported that the company is able to meet its payroll. The PCO observed that the level of activity remained stable at 79 patients and there were no reports of any payroll, staffing or supply difficulties. On September 19, the PCO became aware of a concern by the U.S. Trustee that proof of insurance has not been provided. A call was placed to Mr. Curt who reported that he has insurance and that he will contact his counsel to provide the appropriate documentation to the U.S. Trustee. The PCO noted that he received no complaints from staff or patients of the agency during the period since appointment. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=5UJ6NP from PacerMonitor.com. The ombudsman may be reached at: Joseph J. Tomaino Grassi Healthcare Advisors, LLC 750 Third Avenue New York, NY 10017 Phone: 212-223-5020 Email: jtomaino@grassihealthcareadvisors.com About Tri-Borough Home Care Ltd. Tri-Borough Home Care Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41887) on April 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Julio E. Portilla, Esq. at Law Office Julio E. Portilla, P.C. Joseph J. Tomaino is the patient care ombudsman appointed in the Debtor's case. US MAGNESIUM: Hires Gellert Seitz Busenkell & Brown as Counsel -------------------------------------------------------------- US Magnesium LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Gellert Seitz Busenkell & Brown, LLC as counsel. The firm's services include: (a) provide the Debtor with advice and prepare all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) take all necessary actions to protect and preserve the Debtor's estate during the pendency of this Chapter 11 case; (c) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of this Chapter 11 case; (d) counsel the Debtor with regard to its rights and obligations; (e) appear in court and protect the interests of the Debtor before the court; and (f) perform all other legal services for the Debtor which may be necessary and proper in this proceeding. The firm will be paid at these hourly rates: Michael Busenkell, Attorney $500 Associates/Of Counsel $325 - $425 Paraprofessionals $150 - $225 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $146,413 from the Debtor. Mr. Busenkell disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Busenkell, Esq. Gellert Seitz Busenkell & Brown, LLC 1201 North Orange Street, Suite 300 Wilmington, Delaware 19801 Telephone: (302) 425-5800 Facsimile: (302) 425-5814 Email: mbusenkell@gsbblaw.com About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. US MAGNESIUM: Seeks to Hire SSG Advisors as Investment Banker ------------------------------------------------------------- US Magnesium LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ SSG Advisors, LLC as investment banker. The firm will provide these services: (a) advise the Debtor on, and assist it in the preparation of, an information memorandum describing it and its management and financial status for use in discussions with prospective purchasers and assist in the due diligence process for a potential sale; (b) assist the Debtor in developing a list of suitable potential buyers who will be contacted on a discreet and confidential basis after its approval; (c) coordinate the execution of confidentiality agreements for potential buyers wishing to review the information memorandum; (d) assist the Debtor in coordinating management calls and (where appropriate) site visits for interested buyers and work with the management team to develop appropriate presentations for such calls and visits; (e) solicit competitive offers from potential buyers; (f) advise and assist the Debtor in structuring the sale, negotiating the sale agreements with potential buyers and evaluating the proposals from potential buyers. The firm will be paid at these fees: (a) initial fee - $50,000; (b) monthly fee - $50,000; (c) transaction fee: (i) In the event that a stalking horse purchaser is identified by the Debtor and its stakeholders prior to SSG's engagement herein, or in the event of a credit bid by the secured creditors, or any of them, without a qualified overbid, then SSG's Transaction Fee shall be $450,000 and, in that event, SSG's fees shall be capped at $600,000, inclusive of the Initial Fee, Monthly Fees and Transaction Fee. (ii) In the event that a qualified overbid is received topping the stalking horse bid and/or credit bid, then SSG's Transaction Fee shall be the greater of (i) $750,000 or (ii) two (2) percent of Total Consideration (as such term is hereafter defined). (iii) In the event of a Restructuring with existing stakeholders, SSG's Transaction Fee shall be $450,000 and, in that event, SSG's fees shall be capped at $600,000, inclusive of the Initial Fee, Monthly Fees and Transaction Fee. Teresa Kohl, a managing director at SSG Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Teresa C. Kohl SSG Advisors, LLC 300 Barr Harbor Drive, Suite 420 West Conshohocken, PA Telephone: (610) 940-9521 Email: tkohl@ssgca.com About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. US MAGNESIUM: Taps Carl Marks Advisory as Restructuring Advisor --------------------------------------------------------------- US Magnesium LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Carl Marks Advisory Group LLC as restructuring advisor. The firm will provide Ron Mayo as chief restructuring officer (CRO) and certain additional personnel to the Debtor. The CRO and additional personnel will render these services: (a) work with the Debtor's management team to assist in the development of its Debtor-in-Possession (DIP) budget, gain DIP funding approval, review/analyze its weekly performance, establish/maintain a variance reporting process, and ensure compliance as required by the DIP financing agreement throughout the bankruptcy proceeding, while maintaining communications with, and support from, its DIP lender(s); (b) manage and coordinate the Debtor's compliance with milestones as may be set forth in its DIP credit agreement, or other orders approved by the Bankruptcy Court; (c) assist the Debtor and its counsel (and investment banker as appropriate) with bankruptcy pre-filing preparation; (d) assist the Debtor and its counsel with overseeing administration of its bankruptcy estate; (e) assist the claims/noticing agent with required tasks; (f) assist the Debtor and its counsel with developing both the Liquidating Plan and its related Disclosure Statement; (g) if a creditor's committee is appointed, assist in responding to reasonable requests from the committee and its professionals; and (h) if requested, following closing of a sale, assist with Chapter 11 liquidation of the bankruptcy estate; (i) assist management in support of the Debtor's Investment Banker's efforts to produce sale solicitation materials; (j) assist the Debtor and counsel if requested in negotiating appropriate bid and sale procedures, and assist in preparation and prosecution of the bid and sale procedures motion; (k) assist and support the Debtor's efforts in the coordination of the IB led sales effort; (l) in coordination with the Debtor's counsel, investment banker, and Board support: (i) analyze the relative merits of competing transaction proposals for the Debtor's evaluation; (ii) any auction required by any entered Bid Procedures Order. (m) assist with any other tasks related to this Engagement as are directed by the Debtor and reasonably acceptable to the firm. The firm's professionals will be paid at these hourly rates: Partners $1,025 Managing Directors $825 Financial Support Staff $550 - $675 In addition, the firm will seek reimbursement for expenses incurred. The firm will receive a retainer of $200,000 from the Debtor. Mr. Mayo disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ron Mayo Carl Marks Advisory Group LLC 900 3rd Ave., 33rd Floor New York, NY 10022 Telephone: (212) 909-8400 About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. US MAGNESIUM: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 case of US Magnesium, LLC. The committee members are: 1. Kaiser Aluminum Corporation Attn: John Donnan 1550 West McEwen Drive, Suite 500 Franklin, TN 37067 Phone: 629-252-7044 Email: jdonnan@kaiseraluminum.com 2. Ameri-Source Specialty Products, Inc. Attn: Joshua Sawicki 2901 Industrial Blvd. Bethel Park, PA 15102 Phone: 412-831-9400 Email: jsawicki@ameri-source.com 3. Trinity Industries Leasing Company Attn: Joel Bailey 14221 North Dallas Parkway, Suite 1100 Dallas, TX 75254 Phone: 214-589-6530 Email: Joel.Bailey@trin.net 4. Sisecam Chemicals Resources LLC Attn: David H. Black 400 Perimeter Center Ter NEW, Ste 350 Atlanta, GA 30346 Phone: 770-375-2353 Email: dblack@sisecam.com 5. Odin Environmental Solutions LLC Attn: Mary Coombe 2901 Douglas Blvd, Ste 300 Roseville, CA 95661 Phone: 916-251-5500 Email: mcoombe@odienv.com 6. Linde Inc. Attn: Jeffrey Weiss 10 Riverview Dr Danbury, CT 06810 Phone: 203-417 4968 Email: Jeffrey.weiss@linde.com 7. Univar Solutions Attn: Sean Hutcheson 6000 Parkwoodk Place Dubin, OH 43016 Phone: 614-613-1369 Email: sean.hutcheson@univarsolutions.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About US Magnesium LLC US Magnesium LLC is a Salt Lake City, Utah-based magnesium producer. US Magnesium sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as legal counsel, SSG Advisors, LLC as investment banker, Stretto, Inc. as claims agent, and Carl Marks, LLC as financial advisor. Ron Mayo of Carl Marks serves as chief restructuring officer. UTICA TOWNSHIP: Seeks to Tap Main Street Auto Sales as Auctioneer ----------------------------------------------------------------- Utica Township Volunteer Fire Fighters Association and Utica Township Fire Department, Inc. seek approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Main Street Auto Sales, Inc. as auctioneer. The Debtors need an auctioneer to provide market and price analysis of its vehicles, transport the vehicles to Manheim Indy Auto Auction for sale, and close the transactions. The auctioneer will receive the following fees: (a) transportation cost not to exceed $200 per vehicle; (b) $35 per vehicle for a vehicle condition report; (c) $100 per vehicle sale fee, paid only if the vehicle sells; and (d) 5 percent of the sale amount per vehicle sold. Tiffany Bishop, a representative at Main Street, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tiffany Bishop Main Street Auto Sales, Inc. 2144 N. US Highway 31 Austin, IN 47102 Telephone: (812) 794-3533 About About Utica Township Volunteer Fire Fighters Association Utica Township Volunteer Fire Fighters Association is a nonprofit organization based in Clarksville, Indiana, providing volunteer fire protection and emergency services for Utica Township and surrounding areas. Utica Township Volunteer Fire Fighters Association and Utica Township Fire Department, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 25-90840) on July 22, 2025. The case is jointly administered in Case No. 25-90840. In its petition, Utica Township Volunteer Fire Fighters Association disclosed total assets of $3,023,08 and total liabilities of $1,076,837. Honorable Bankruptcy Judge Andrea K. McCord handles the cases. The Debtors tapped William P. Harbison, Esq., at Seiller Waterman LLC as bankruptcy counsel and The Law Office of Heather Archibald-Peters, PC as nonbankruptcy counsel. V & M DINER: Unsecureds Will Get 20% of Claims over 5 Years ----------------------------------------------------------- V & M Diner Corp. d/b/a Island Lake Diner filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Reorganization dated September 16, 2025. The Debtor operates a diner located at 625 Portion Road, Ronkonkoma, NY 11779 that operates under the name "Island Lake Diner" and has 39 employees. The restaurant serves a diverse menu with dine-in, outside dining, and delivery services. The insider of the Debtor is Constantinos P. Glykos who is the President and the 100% owner. Mr. Glykos works full time at the Debtor's restaurant. Mr. Glykos is the manager of the restaurant and supervises everything that happens at the restaurant. The bankruptcy filing was necessitated primarily by taxes owed to New York State and the Internal Revenue Service. The Debtor fell behind with tax payments during the COVID-19 pandemic and through this Plan will be paying tax creditors in full over 5 years. The plan will be funded by a $50,000 new value contribution to be made by Constantinos P. Glykos. After payment of administrative claims; secured and priority claims will be paid in full over a period of 5 years plus statutory interest. Unsecured creditors will receive a distribution of 20%. Class 2 consists of all general unsecured claims. The filed general unsecured claims aggregate $154,709.27. These claims will be paid a 20% distribution over a period of 5 years from the effective date. This Class is impaired. Class 3 consists of Equity interest holders of the Debtor. The Debtor's equity is owned 100% by Constantinos P. Glykos who will retain his equity interests in exchange for a new value contribution in the total amount of $50,000.00. The new value contribution will be funded prior to the hearing on confirmation of the Plan. Under the absolute priority rule, equity interests cannot retain their interests unless all senior classes are either paid in full or vote to accept the plan. The "new value" doctrine is a common law exception to the absolute priority rule. The basic concept behind "new value" is that equity holders may retain their interest in a debtor when they provide contribution, often in the form of capital, to the reorganization. The Debtor believes that the contribution to the reorganization of capital in the amount of $50,000 satisfies the new value exception to the absolute priority rule. Under the Plan, equity interest holders will retain their interests. Payments and distributions under the Plan will be funded by a $50,000.00 contribution by the Debtor's principal Constantinos P. Glykos as well as operations of the Debtor over a period of 5 years. By signing this Disclosure Statement, the Debtor's principal represents that he has the funds required and available to fund the plan contribution. Payments and distributions under the Plan will be funded by available cash and future revenue and operations of the Debtor. The Debtor (the "Disbursing Agent") shall be the disbursing agent under the Plan. A full-text copy of the Disclosure Statement dated September 16, 2025 is available at https://urlcurt.com/u?l=pz2K2m from PacerMonitor.com at no charge. About V & M Diner Corp. V & M Diner Corp. operates a diner located at 625 Portion Road, Ronkonkoma, NY 11779. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41040) on Feb. 28, 2025. Judge Jil Mazer-Marino presides over the case. Counsel to the Debtor: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York, New York 10013 Telephone: (212) 620-0938 Facsimile: (646) 390-5095 VALVES AND CONTROLS: Committee Taps Brown Rudnick as Co-Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Valves and Controls US, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Brown Rudnick LLP to serve as co-counsel in its Chapter 11 case. Brown Rudnick will provide these services: (a) assisting, advising, and representing the Committee in its meetings, consultations and negotiations with the Debtor and other parties in interest regarding the administration of this Case; (b) assisting, advising, and representing the Committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; (c) assisting with the Committee's review of the Debtor' Schedules of Assets and Liabilities, Statement of Financial Affairs and other financial reports prepared by or on behalf of the Debtor; (d) assisting the Committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and its affiliates, including certain transactions preceding the bankruptcy filing; (e) assisting and advising the Committee regarding the identification and prosecution of estate claims and causes of action; (f) assisting and advising the Committee in its review and analysis of, and negotiations with the Debtor and any counterparties related to any potential restructuring transactions; (g) reviewing and analyzing all applications, motions, complaints, orders, and other pleadings filed with the Court by the Debtor or third parties, advising the Committee as to their propriety and, after consultation with the Committee, taking any appropriate action; (h) preparing necessary applications, motions, answers, orders, reports, and other legal papers on behalf of the Committee, and pursuing or participating in contested matters and adversary proceedings as may be necessary or appropriate in furtherance of the Committee's duties, interest, and objectives; (i) representing the Committee at hearings held before the Court and communicating with the Committee regarding the issues raised, and the decisions of the Court; (j) assisting, advising, and representing the Committee in connection with the review of filed proofs of claim and reconciliation of or objections to such proofs of claim and any claims estimation proceedings; (k) assisting, advising, and representing the Committee in their participation in the negotiation, formulation, and drafting of a plan of reorganization/liquidation for the Debtor; (l) assisting, advising, and representing the Committee with respect to its communications with the general creditor body regarding significant matters in this Case; (m) responding to inquiries from individual creditors as to the status of, and developments in, this Case; and (n) providing such other services to the Committee as may be necessary in this Case or any related proceedings. Brown Rudnick will be compensated at hourly rates of $950 to $2,450 for partners, $310 to $2,335 for counsel, $685 to $1,015 for associates, and $400 to $550 for paralegals. The Committee has negotiated a $475 reduction for the highest hourly partner rates, which otherwise would apply to time billed by David J. Molton and Jeffrey L. Jonas. Mr. Molton and Mr. Jonas will bill their time at a rate of $1,975 per hour. Brown Rudnick LLP is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Brown Rudnick responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: The Committee has negotiated a $475 reduction for the highest hourly partner rates, which otherwise would apply to time billed by David J. Molton and Jeffrey L. Jonas. Mr. Molton and Mr. Jonas will bill their time at an hourly rate of $1,975 per hour, subject to regular annual rate revision. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: No. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Committee will approve a budget and general staffing plan in connection with Brown Rudnick's representation of the Committee. The firm can be reached at: David J. Molton, Esq. Jeffrey L. Jonas, Esq. Eric R. Goodman, Esq. D. Cameron Moxley, Esq. BROWN RUDNICK LLP 7 Times Square New York, NY 10036 Telephone: (212) 209-4800 Facsimile: (212) 209-4801 E-mail: dmolton@brownrudnick.com jjonas@brownrudnick.com egoodman@brownrudnick.com dmoxley@brownrudnick.com About Valves and Controls US, Inc. Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Patrick J. Reilley, Esq. at Cole Schotz P.C. VALVES AND CONTROLS: Committee Taps Caplin & Drysdale as Co-Counsel ------------------------------------------------------------------- The Official Committee of Unsecured Creditors of Valves and Controls US, Inc. seeks approval from the U.S. Bankruptcy Court to retain Caplin & Drysdale, Chartered as co-counsel in the company's Chapter 11 case. Caplin & Drysdale will provide these services: (a) prepare motions, applications, pleadings, memoranda, proposed orders, reports, and other legal documents; (b) assist and advise the Committee with respect to its powers and duties under the Bankruptcy Code; (c) attend meetings and negotiate with the Debtor, insurers, and other parties in interest; (d) represent the Committee before the Court and appellate courts; (e) protect, preserve, and maximize the value of the Debtor's estate, including litigation and negotiations; (f) examine and analyze the Debtor's conduct and financial affairs; (g) represent the Committee in negotiation and preparation of a Chapter 11 plan and related documents; (h) assist in filing and soliciting acceptances or rejections of any Chapter 11 plan; (i) review and analyze applications, motions, orders, operating reports, and schedules filed with the Court; (j) coordinate receipt and dissemination of information from the Debtor's accountants and other professionals; (k) assist the Committee with communications to creditors; and (l) perform all other necessary legal services in connection with this case. As of January 1, 2025, Caplin & Drysdale's hourly billing rates range from $435 to $1,970 for attorneys and $400 to $595 for paralegals. Member Kevin C. Maclay bills at $1,970 per hour, while Member Todd E. Phillips bills at $1,455 per hour. Caplin & Drysdale has no connections with the Debtor, its creditors, or other parties in interest, and is considered a "disinterested person" within the meaning of Section 101(14) and 328(c) of the Bankruptcy Code. The firm is developing a prospective budget and staffing plan for the Committee. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Caplin & Drysdale responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Caplin & Drysdale did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Caplin & Drysdale professionals will not vary their rates in this case based on the geographic location. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Caplin & Drysdale has not represented the Committee in the 12 months preceding the Petition Date. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Caplin & Drysdale is developing a prospective budget and staffing plan, which it will share with the Committee. The firm can be reached at: Kevin C. Maclay, Esq. Caplin & Drysdale, Chartered 1200 New Hampshire Avenue NW, 8th Floor Washington, DC 20036 Telephone: (202) 862-5000 Facsimile: (202) 429-3301 E-mails: kmaclay@capdale.com tphillips@capdale.com About Valves and Controls US, Inc. Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Patrick J. Reilley, Esq. at Cole Schotz P.C. VALVES AND CONTROLS: Committee Taps FTI as Financial Advisor ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Valves and Controls US, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire FTI Consulting, Inc. as its financial advisor. FTI will provide these services: (a) assist in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs, and Monthly Operating Reports; (b) prepare analyses required to assess the Debtor's intercompany transfers and related agreements; (c) assist with the assessment and monitoring of the Debtor's cash position, short term cash flow, liquidity, and movement of funds; (d) review the Debtor's insurance coverage for asbestos liabilities and analyze applicable policies; (e) review tax issues associated with claims trading, preservation of net operating losses, refunds, plans of reorganization, and asset sales; (f) assist in the review of the claims reconciliation and estimation process; (g) review other financial information prepared by the Debtor, including cash flow projections, budgets, business plans, and economic analysis of proposed transactions; (h) attend and assist in due diligence sessions, discovery, depositions, negotiations, mediations, and other meetings, and assist in discussions with the Debtor, the Committee, the U.S. Trustee, and other parties in interest; (i) assist in the preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement; (j) evaluate and analyze avoidance actions, including fraudulent conveyances and preferential transfers; (k) assist in developing estimates of present and future personal injury claims and demands, including testimony if necessary, and develop claims resolution trust procedures; (l) assist in the prosecution of Committee responses and objections to the Debtor's motions, including depositions and provision of expert reports/testimony; and (m) render such other general business consulting or assistance as the Committee or its counsel may deem necessary. FTI will be compensated at these hourly rates: Senior Managing Directors $1,185 to $1,525; Directors/Senior Directors/Managing Directors $700 to $1,155; Consultants/Senior Consultants $485 to $820; and Administrative/Paraprofessionals $190 to $385, plus reimbursement of actual and necessary expenses. FTI Consulting is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: FTI CONSULTING, INC. 555 12th St NW, Ste 700 Washington, DC 20004 Telephone: (202) 312-9100 About Valves and Controls US, Inc. Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Patrick J. Reilley, Esq. at Cole Schotz P.C. VAUGHN COLLEGE: S&P Affirms 'B+' Bond Rating, Outlook Stable ------------------------------------------------------------ S&P Global Ratings affirmed its 'B+' rating on the Dormitory Authority of the State of New York's series 2016A revenue bonds, issued for Vaughn College of Aeronautics and Technology (VCAT), and removed the rating from CreditWatch, where it was placed with negative implications July 21, 2025. The outlook is stable. S&P said, "We removed the rating from CreditWatch with negative implications as the college provided us with sufficient information to conduct a full review. "We analyzed the VCAT's environmental, social, and governance credit factors pertaining to the college's market position, management and governance, and financial performance. We view VCAT's environmental risk as elevated because exposure to the Atlantic coastline presents a chronic and physical climate risk that could affect the college in the longer term. We view VCAT's social and governance risk factors as a neutral factor in our credit analysis. "The stable outlook reflects improving enrollment, which should help stabilize or improve operations, as well as the financial resource ratios that although weak, remain sufficient for the rating. We do not expect any covenant violations in fiscal 2025. "We could consider a negative rating action within the one-year outlook if VCAT's enrollment begins to decline leading to larger operating deficits and greater endowment draws. We would also view negatively any further weakening of financial resources or a covenant violation. "We could consider a positive rating action within the one-year outlook if operating deficits improve, and financial resources increase from current levels. A reduction in debt or debt service from current levels with the sale of the Astoria property would be viewed favorably." VORTEX OPCO: BlackRock Debt Marks $572,000 Loan at 57% Off ---------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $572,000 loan extended to Vortex Opco LLC to market at $248,116 or 43% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a Second out Term Loan to Vortex Opco LLC. The loan accrues interest at a rate of 8.66% (3-mo. CME Term SOFR at 0.50% Floor + 4.36%) per annum. The loan matures on December 17, 2028. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Vortex Opco LLC, is a new subsidiary created by United Site Services Inc. to issue new debt, which includes $431 million in first-lien, first-out debt, $1.66 billion of first-lien, second-out term loans, and $125 million of first-lien, third-out 8% senior secured notes. USS provides portable sanitation and related site services. WAHL TO WAHL AUTO: Section 341(a) Meeting of Creditors on Oct. 20 ----------------------------------------------------------------- On September 22, 2025, Wahl to Wahl Auto LLC filed Chapter 11 protection in the Northern District of New York. According to court filing, the Debtor reports $1,925,266 between in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 20, 2025 at 02:00 PM at First Meeting Utica. About Wahl to Wahl Auto LLC Wahl to Wahl Auto LLC, doing business as Wahl To Wahl Car Sales, operates a 34-acre auto recycling facility and used car dealership in Otsego County, New York. Founded in 1991 by Andrew Wahl and currently led by Anthony Wahl, the Company offers vehicle sales, on-site repairs, auto body services, and a wide range of used auto parts, including online inventory access. The dealership provides inspected vehicles with warranties, lifetime discounts on parts and labor, and specializes in independent financing for customers with poor or no credit. Wahl to Wahl Auto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60846) on September 22, 2025. In its petition, the Debtor reports estimated total assets of $1,096,667 and total liabilities of $1,925,266. The Debtor is represented by Peter A. Orville, Esq. of ORVILLE & MCDONALD LAW, P.C. WEATHERMASTER ROOFING: Taps Orville & McDonald as Legal Counsel --------------------------------------------------------------- Weathermaster Roofing Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Peter A. Orville of Orville & McDonald Law, P.C. to serve as legal counsel in its Chapter 11 case. Mr. Orville will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to their powers and duties in the continued operation of its business and in the management of their property; (b) take necessary action to avoid liens against Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances or liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition and at a time when the Debtor was insolvent; (c) take necessary action to enjoin and stay until final decree herein any attempts by secured creditors to enforce liens upon property of the Debtor's in which property Debtor has substantial equity; (d) represent the Debtor, as Debtor-in-Possession, in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; (e) prepare on behalf of the Debtor, as Debtor-in-Possession, necessary petitions, answers, orders, reports and other legal papers; and (f) perform all other legal services for the Debtor as Debtor-in-Possession or to employ attorneys for such services. Mr. Orville shall receive an hourly rate of $350, an hourly rate of $300 is for partner Zachary McDonald, and an hourly rate of $125 is for non-lawyer staff. Orville & McDonald Law, P.C. is seeking a retainer in the amount of $15,000. According to court filings, the Debtor has incurred $11,117 in prepetition legal fees, leaving $3,883 which will be applied to post-petition work upon court approval. Orville & McDonald Law, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Peter A. Orville, Esq. ORVILLE & McDONALD LAW, P.C. 30 Riverside Drive Binghamton, NY 13905 Telephone: (607) 770-1007 About Weathermaster Roofing Co. Inc. Weathermaster Roofing Co. Inc., established in 1984, provides commercial and institutional roofing installation and architectural sheet metal services, operating in the Southern Tier region of New York. The Company specializes in single ply systems, modified bitumen systems, and specialty roofing systems. It is licensed, bonded, and carries full liability and workers' compensation insurance. Weathermaster Roofing Co. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60824) on September 12, 2025. In its petition, the Debtor reports total assets of $1,704,705 and total liabilities of $2,597,003. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Peter A. Orville, Esq. at ORVILLE & MCDONALD LAW, P.C. WELLNESS PET: BlackRock Debt Marks $128,000 Loan at 45% Off ----------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $128,000 loan extended to Wellness Pet, LLC to market at $70,318 or 55% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2025 Second out Exchange Term Loan to Wellness Pet, LLC. The loan accrues interest at a rate of 8.08% (3-mo. CME Term SOFR at 0.75% Floor + 4.01%) per annum. The loan matures on December 31, 2029. BlackRock Debt under the Investment Company Act of 1940, as amended, as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Wellness Pet, LLC manufactures pet food. The Company offers natural meals, treats, and dental chews that helps to maintain dental health. Wellness Pet serves customers worldwide. WELLNESS PET: BlackRock Debt Marks $229,000 Loan at 16% Off ----------------------------------------------------------- BlackRock Debt Strategies Fund, Inc. has marked its $229,000 loan extended to Wellness Pet, LLC to market at $191,967 or 84% of the outstanding amount, according to a disclosure contained in BlackRock Debt's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock Debt is a participant in a 2025 First out Exchange Term Loan to Wellness Pet, LLC. The loan accrues interest at a rate of 8.28% (3-mo. CME Term SOFR at 0.00% Floor + 3.95%) per annum. The loan matures on December 31, 2029. BlackRock Debt under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock Debt is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Debt Strategies Fund, Inc. (DSU) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Wellness Pet, LLC manufactures pet food. The Company offers natural meals, treats, and dental chews that helps to maintain dental health. Wellness Pet serves customers worldwide. WINDSTREAM SERVICES: S&P Rates New $900MM Senior Secured Notes 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue level rating and '2' recovery rating to Windstream Services LLC's proposed $900 million senior secured notes due 2033. Windstream Services LLC is a wholly owned subsidiary of Little Rock, Ark.-based telecommunications provider Uniti Group Inc. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. S&P said, "We expect the company will use the proceeds from this issuance to fully redeem its 10.5% senior secured notes due 2028 and utilize the remainder to pay fees and expenses. "Our 'B-' issuer credit rating and stable outlook on parent Uniti Group Inc. are unchanged because we expect its S&P Global Ratings-adjusted gross leverage (which includes $575 million of preferred equity that we treat as debt) will remain around 6.5x. Still, we view the transaction favorably because it will extend the company's debt maturities. This transaction follows the recent $1,500 million senior secured term loan due 2032 to partially paydown its 10.5% senior secured notes due 2028." WORLDWIDE MACHINERY: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Worldwide Machinery Group, Inc. and its affiliates. The committee members are: 1. Wagner Equipment Attn: Brian Rindels 18000 E. Smith Road Aurora, CO 80111 303-739-3041 Rindels_Brian@wagnerequipment.com 2. UNI International, America Corp Attn: Joseph Schulte 100 Corey Avenue St. Pete Beach, FL 33706 727-360-2844 ext. 202 joseph@uniinternational.com 3. Masaveu Poast Oak Houston, LLC Attn: Juan Acero-Riesgo Merino 601 Brickell Key Dr., Suite 101 Miami, FL 33131 305-331-0546 jacerom@mreus.masaveu.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Worldwide Machinery Group Inc. Worldwide Machinery Group Inc. is a construction equipment sales and rental company in Houston, Texas. Worldwide Machinery and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90379) on September 11, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey, Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq., Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White Case LLP. [^] BOOK REVIEW: The Heroic Enterprise -------------------------------------- The Heroic Enterprise: Business and the Common Good Author: John Hood Publisher: Beard Books (reprint of book published by The Free Press/Division of Simon and Schuster in 1996). Paperback: 266 pages List Price: $34.95 Order your copy at https://bit.ly/3awLUV3 Hood writes as a counterbalance to ideas that business should be expected to contribute to the common good along the lines of charities, say, or public health. He writes too against the highly partisan, pernicious perspective that business activity is antisocial and disruptive which at times gains some degree of credibility. Critiques of business have been around as long as commerce and business have been around. These come usually from religious or political zealots seeking dictatorial hold over all significant kinds of human activity and enterprise. In this work, Hood aims to counterbalance latter-day versions of such critiques arising in American society. The counterculture, antiestablishment 1960s was a time when such critiques were particularly strong. They have moderated since, yet remain a persistent chorus which influences politics and imagery and public affairs of business. Hood does not aim to stifle or eliminate debate about the effects of business on society or how business should engage in business. What he aims for is dismissing once and for all myopic and almost utopian conceptions about business and related erroneous purposes and values of it. Such conceptions are worrisome to businesspersons not because they believe they have any foundation, but because they waste resources and energy in having to continually correct them so business can function properly. And to the extent such myopic conceptions are believed or entertained by the public, they hamper the public and politicians in working out policies by which the greatest benefits of business can be reaped by society. The author clarifies the place and role of business by contrasting business with other parts of society. A standard, self-evident tenet of sociologists going back to the time of Plato is that society is made up of different parts fulfilling different roles for the varied needs of society and so that a society will function smoothly and survive. Business is distinguished from government and philanthropy. "Businesses exist to make and sell things, whereas by contrast "governments exist to take and protect things [and] charities exist to give things away." The social responsibility for each category of institution is inherent in its purposes and activities. For example, businesses alone cannot solve environmental problems. Whatever problems which can be attached to business are related to government policies and business's operations to satisfy consumer interests. Hence, business alone cannot solve environmental problems, and should not be expected to. Critics requiring that business solve environmental problems without similarly requiring changes in government policies and consumer interests are shortsightedly and unreasonably tarnishing business while not making any relevant or productive arguments for dealing with environmental problems. In elucidating business's proper place in and contributions to society, Hood is not unmindful that some businesses fail to fulfill their role in good faith and beneficially. But instead of criticizing business fundamentally, he proffers questions critics can ask before targeting particular businesses. Two of these are "Are corporations obtaining their profits through force or fraud?" and "Are corporations putting investments at their disposal to the most economically productive use?" Hood's perspective in support of business against unfair and irrelevant criticisms is based on the acknowledgment that business is operating productively, for the common good, and is open to cooperative activities with other parts of society in trying to resolve common problems. "The Heroic Enterprise" is not an argument for business -- for as a fundamental aspect of any society, business does not need an argument to justify it. The book mostly takes the approach of reviewing why business is necessary and therefore must be naturally, easily accepted -- namely, because of the manifold benefits business provides for society and because it along with good government and respectable morals has been a primary engine for the betterment of human life. John Hood has much experience in the media and communication as a syndicated columnist, TV commentator, and radio host. Author of seven nonfiction books on subjects as business, advertising, public policy, and political history, and many articles for national publications such as the Wall Street Journal, Hood is President of the John William Pope Foundation, a Raleigh, N.C.-based grantmaker that supports public policy organizations, educational institutions, arts and cultural programs, and humanitarian relief in North Carolina and beyond. Hood also serves on the board of the John Locke Foundation, the state policy think tank he helped found in 1989 and led as its president for more than two decades. He teaches at Duke University's Sanford School of Public Policy. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***